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Claims Against The Paraiba Projects Mini Bond

The website of Avacade Future Solutions proudly promoted the Paraiba Projects Mini Bond. The marketing material produced by Paraiba was impressive, despite the fact that in reality it was a high risk, unregulated and illiquid investment.

Launched in September 2014, this would be a secured fixed rate three-year bond giving an annual return of 11%. The funding would be used to accelerate building projects in the North East of Brazil, meeting the demand for middle-class and executive housing in the State of Paraíba. Temptingly, the bond was based on existing construction projects in the region, with all planning permissions and environmental licences in place and with construction on the infrastructure already started. It was a “terrific investment opportunity.” What’s more, you didn’t have to worry, the bond was secured by 125% on “independently verified land title.” What was there not to like?!

In the last set of published annual accounts for Paraiba Projects covering the period to December 2016, the directors bemoaned that their inability to obtain SIPP funding meant a change of business model and spoke of the project being on course for completion in mid- 2018. Bondholders had provided them with a total of £2.3 million in funding and with apparent interest payments still being made by presumably James Laurence Developments -Ltd a company registered in Brazil. Worryingly, the accounts for the year to December 2017 are now substantially overdue. Coincidentally, the first tranche of loan funding was due for repayment during 2017.

If you’ve been recommended to invest in the Paraiba Projects Mini Bond or to transfer your pension into any type of SIPP and have lost money, Beat the Banks are here to help. To find out more, simply complete our enquiry form or call our expert team on 01382 200474.

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