As reported, the Money Box show aired over the weekend, and looked at how thousands of investors ended up with their savings locked into Caribbean properties that failed to be completed on schedule.
In addition to explaining how it came to end up filing for administration last week, the 1,000-word Harlequin statement argues that the company’s recently announced efforts to obtain fresh external financing “should not be perceived as a negative step”, since, it explains, it is aimed at moving forward the income-generating project completions that would benefit everyone.
The statement also stresses that Harlequin never set out to attract money from self invested personal pensions (SIPPs), insisting that “this was a natural trend brought about by the economic downturn”, as poor pension performance led many individuals to elect to “take greater control over how their pensions were invested”.
“A number of SIPP companies considered the Harlequin product and assessed it to be suitable for SIPP investment,” the statement says.
“IFAs have therefore introduced the overseas properties to their clients.”
To read the statement in full, click here.
