Paradise Golf and Beach Resort Update - 30th September 2016

Paradise Golf and Beach Resort - URGENT - Please call me.. my name is Adrian Hibbert and I am an Investor at the Paradise Golf and Beach Resort.... I am looking to gather as many investors together as possible that are NOT happy with the way things are going and that want a FULL REFUND on their investment money...

My number is +44 7966 871854 (UK)

Some clients are asking about the appointment of our new Director, Mr.Gang Huang, following an alarming Email, again including false information and not backed by any written documentation.  To dissipate this non-founded allegation, please find attached herewith a Moroccan Company House official written document confirming the details of the new Director of Atlantic Beach Paradise Resort S.A.R.L.  A translation of this document will be forwarded as soon as it is available.

We are also attaching a letter to Banque Populaire confirming the appointment of Mr. Gang Huang.  Again a translation will be forwarded as soon as this is available.

May we kindly remind you that the last advice given by the group referred to above was to suggest that clients contact Banque Populaire directly which, as you are aware, resulted in the Banque requesting that clients contact ourselves, the Developing Company, and not them.

We inform you again that a meeting will take place in Morocco with Banque Populaire, Government and our Project Management Company, Diagonale, representatives to confirm in total transparency and to eliminate all doubts to clients the future of the Paradise Golf and Beach Resort, availability of funds and completion of properties.  Any clients who wish to be involved in this positive approach should contact us as soon as possible.

Those of you who have already returned your Participation Letters but would feel more comfortable with the inclusion of the compensation solution/scheme, an additional Participation Letter can be issued.

We have one goal and that it is to complete the Paradise Golf and Beach Resort with the available funds 

confirmed by Banque Populaire and the Government.

Yours sincerely,

Atlantic Beach Paradise Resort S.A.R.L.

Website: www.paradisegolfandbeachresort.com

Email: info@paradisegolfandbeachresort.com



26th September, 2016 Update

Dear Clients,

Further to our last update, we write to inform you of the following:

1.     You will shortly receive a written contractual confirmation, signed by our new Director Mr. Gang Huang, in respect of compensation for the delay in building. 

2.     We have received complaints from clients who have contacted Banque Populaire directly, having been advised to do so by a third party, but the Banque have refused to acknowledge this contact stating that they do not have any contractual relationship.  The Banque have requested that clients contact Atlantic Beach Paradise Resort S.A.R.L. and not themselves.  As you will recall, you have been advised of this in the past.  However, we would like to apologise for this response from our financial partner as we do consider that you are future clients of the Banque and should be treated as such.

Therefore, in order to avoid that all parties concerned - Government, Banque Populaire, Atlantic Beach Paradise Resort S.A.R.L. under new directorship - do not run away from their responsibilities, and as stated in our previous update, we will request that a face to face meeting takes place with Banque Populaire  and Government representatives to confirm in total transparency and to eliminate all doubts to clients the future of the Paradise Golf and Beach Resort, availability of funds, Project Management Company and completion of properties.

This meeting will take place in Morocco with client representation. Travel expenses will be at our cost.

Yours sincerely,

Atlantic Beach Paradise Resort S.A.R.L.

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8th September, 2016 Update

Dear Clients,

We thank you, our hundreds of clients, for your prompt responses in respect of your acceptance of the compensation solution/scheme.

Once again we do apologise for the delay in the completion of properties which has been caused by third parties and out of our control.

It is now seven months since the appointment of the new Project Management Company, Diagonale, by Banque Populaire and ourselves, Atlantic Beach Paradise Resort S.A.R.L., and also the availability of funds in order to complete the Paradise Golf and Beach Resort.  It is vitally important for us to use these funds and complete the Resort as soon as possible.  This is the objective for us all.

Unfortunately, the pace of work on site is limited due to the fact that the Developer, main-shareholder and Director, Mr. Larbi Tadlaoui, is not free to take decisions and make payments as is required.  Banque Populaire is unable to make any payments without Mr. Tadlaoui’s signature.  Payments are being delayed due to the lengthy Court processes.  As you are aware, the architect, Diagonale and Steve Ritson, the golf course architect, have all requested and stressed the importance of Mr. Tadlaoui’s presence in order to be able to move forward.

Crucial time has been lost during these past seven months.

Current situation:

Legal: Two surveys have been ordered by the judge (not by ourselves).   The first one is regarding the legal/financial situation.  The second one is regarding the technical aspect of construction.

The following conclusions have been reached: 

a) Legal/financial - there is no legal/financial wrong doing and the availability of funds to complete the Resort has been confirmed. 

b) Technical/construction – crucial damage on the golf course due to the lack of irrigation water.  Minor cosmetic work is required to restore buildings in construction.  Most importantly, there is no structural damage to buildings.

The estimated time for the completion of properties provided by an expert surveyor appointed by the Court is six months for the first half of the Resort and twelve months for the remainder of properties and finalisation of the Paradise Golf and Beach Resort.

This survey highlights the lack of basic infrastructure as being the main obstacle in the realisation of the Resort.

The conclusions reached by independent surveyors, appointed by the Court, confirms what we always have always stated regarding our position.  This is in addition to the confirmation included in the Norton Rose Fulbright report which was recently circulated.

Unfortunately, and despite the points outlined above, legal proceedings in Morocco are extremely lengthy especially in such a complex case where a technical report of five hundred pages can take as long as two months to obtain a sworn Arabic translation.  Plus the fact that the Court of First Instance Hearing has not yet been completed, then there is the Court of Appeal and finally the Supreme Court before a final executory judgement. 

We are prepared to use all our rights and the procedures available in the Kingdom of Morocco and abroad.

Moving forward:

Therefore, as it is a private individual who is being investigated not the company, Atlantic Beach Paradise Resort S.A.R.L., who owns the land and the Paradise Golf and Beach Resort, and in order not to penalise clients any more than they have been already and additionally to speed up work on site, we have decided to appoint a new Director to ensure completion of the Resort.

As detailed above, the estimated time for the completion of properties is six months for the first half of the Resort and twelve months for the remainder of properties and finalisation of the Paradise Golf and Beach Resort.

There are however two conditions as a result of a statement made by Diagonale, which is attached herewith.

1^st condition - prompt payment of invoices following validation by Diagonale.
2^nd condition – to have a Company Representative present to be able to take decisions and to sign necessary documentation.

The second condition is solved by the nomination of a new Director; but for the first condition, a meeting will be arranged in the U.K. or in Morocco shortly to allow all parties involved (Banque Populaire, Government Representative and the Project Management Company) to confirm their engagement and allow Atlantic Beach Paradise Resort S.A.R.L. to respect the completion time for the Paradise Golf and Beach Resort which has been established by experts.

Yours sincerely,

Atlantic Beach Paradise Resort S.A.R.L.