More bad news for investors who invested into the properties under construction in Brazil by EcoHouse.
Just to summarize:
* EcoHouse insisted that it has official links with a federal housing programme in Brazil and a state-owned bank.
* But, the Brazilian Embassy here questioned the authenticity and relevance of the papers, and asked EcoHouse to furnish proof of its links to the Brazilian government (as EcoHouse claimed).
* " One disgruntled investor, Mr Brijesh Vora, 37, who came forward after reading TODAY’s reports, said he recently received notification that the project which he had ploughed money into last year will be delayed by about six months to a year, due to reasons such as slow and poor construction work. He added that he had invested in several units.
Various media reports have put the number of Singapore investors in EcoHouse projects at between 800 and 1,500.
Up to S$70 million had reportedly been put into three housing projects. Reports have been filed against EcoHouse with the police and the Commercial Affairs Department. "
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