Global Forestry Investments Belem Sky Plantation
Yet another sad tale of broken promises, failed investments and lost money, the Global Forestry Investments case has led to in-depth investigations by the Serious Fraud Office and a lengthy ban for two of the company’s directors. For those who were persuaded to invest in the scheme, the outcome has led to hardship and loss, all at a time when they should have been looking forward to a comfortable retirement.
The scenario that Global Forestry Investments offered is an all-too-familiar one to us at Beat the Banks. Significant numbers of men and women signed up to a scheme that offered investment in a Brazilian teak plantation and they were promised returns of up to 20% for doing so. In the end, however, they have seen very little in the way of returns at all.
It’s estimated that more than £20 million was received by Global Forestry Investments from the Belem Sky scheme, and a further £3 million plus from another scheme called the Para Sky Project. While some money was received by investors, the investigation also found that around £13 million from plot sales was paid into bank accounts held by the directors.
Teak is a better investment? Not on this occasion
One of the premises of the scheme was that teak represented a better investment these days than gold, property or shares. This may or may not be true in general terms, but in regard to this scheme of course it wasn’t true at all. A great many people paid out sizable sums of money in the hope of earning a good return, but those men and women are now facing an uncertain future. It’s not easy to know what to do next, but it’s worth bearing in mind that all may not be lost.
Here at Beat the Banks, we have come across a number of cases similar to that brought about by Global Forestry Investments. The overall picture is pretty much always the same: potential investors keen to add to their pension pots or their savings are persuaded by slick sales specialists into signing up to such a scheme. They know little of the teak industry or of South America in general, but they are promised sizable returns so they don’t see what could go wrong.
If this sounds familiar to you, we’d like to hear from you. Call Beat the Banks today on 0800 193 1234 or complete our online contact form soon. We look forward to hearing your story. We have helped many people who were talked into transferring their pensions into Self-Invested Personal Pensions (SIPPs) and then into investing money in schemes that sounded (and were!) too good to be true.
It’s not easy to know how to cope after such a heart-breaking experience, but we offer a sympathetic ear and a great deal of practical, reliable advice. If you lost money via a SIPP, the first step involves a call to the friendly team at Beat the Banks.