N. Cyprus Property Fraudster's 1.6 Million GBP To Compensate Cheated Buyers
High court Judge Mackay has ruled that convicted fraudster Gary Robb's seized assets of 1.6 million sterling pounds will be used to compensate cheated British property buyers who invested in his Amaranta Valley scheme in Turkish-held north Cyprus.
The development was supposed to be 250 homes, but only one house was built despite numerous upfront payments and an agreement with the AGA Buyer's Committee whose members have been fighting for compensation for more than seven years. The claimants are Patricia Anne Clarke, Susan Elaine Latchford, Roger Llewellyn-Williams, Howard and Barbara Hind, Sandra and Grzegorz Kocinski, Brian Donaldson and Bruce NeilGourlay, who lost 1.34 million pounds in total.
Robb, who is currently serving 10 months in prison in the Republic of Cyprus for selling Greek-Cypriot properties without the owners' permission, fled from north Cyprus to Thailand in 2005 and tried to transfer the money via his HSBC account in north Cyprus. The transfer was intercepted after a judge's order and is being held in the National Westminster Bank in London.
The fraudster has a long history of deception and a criminal record which includes allowing his club in England to be used to supply drugs. In Cyprus, he made a deal with Unwins to market his property deals in the UK, but the contract was cancelled and investor payments were taken over by Turkish-Cypriot lawyer Talat Kursat, who transferred large sums of money from north Cyprus to Robb's bank account in Thailand.
"I am satisfied on balance of probabilities, the defendant had formed the intention to extract with the help of Talat Kursat and others as much cash from the business as he could," said the judge in his ruling.
The prosecution's case is that the property development was always intended by Robb to be a way to defraud investors and that there was no evidence of a coherent business plan. The defendant was in breach of contract because he made unilateral changes to the size and positioning of plots after the contract was agreed and there were delays in starting construction. Robb made demands for inflated or unwarranted payments, and double sold properties where the original contract had been cancelled and the property re-sold but the original purchase were not refunded, said Judge Mackay.
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