Third director is disqualified for misleading flats investors
UK officials have disqualified a third company director at the doomed developer behind a controversial Runcorn flats scheme and that collapsed leaving a trail of angry investors who coughed up millions for properties that were never completed.
The Insolvency Service barred Andrea Nicole Pacquiao Pieter from registering as a business boss for nine years, starting on Tuesday, March 20.
A department bulletin service said she was disqualified because her role as a director at Absolute Living Developments (ALD), the firm that pushed through proposals to convert East Lane House into 448 mainly studio-style one-bed flats in 2015 on appeal to the Planning Inspectorate.
The notice said that during her tenure, investors were left out of pocket to the tune of £7,759,390, for 219 uncompleted units at East Lane House in Runcorn and other ALD schemes.
Her last know address was stated as Bukit Antarabangsa, Selangor, Malaysia.
According to the disqualification order, Ms Pieter caused or allowed ALD to provide misleading or incomplete information over its property developments.
Two other former ALD directors have already received bans.
Adrianne Mei Kwan Nyau, 39, of Hoole Road, Woodchurch, Wirral, was disqualified for nine years, starting, on December 14 in relation to £8,870,415 obtained from investors in relation to 267 properties, and Chi Yuen Leong, 67, of Jalan Medang, Kuala Lumpur, Malaysia, was disqualified for nine years, starting on November 30, in relation to £1,712,293 paid up front for 46 uncompleted units.
Angry investors took to the streets in Hong Kong two years ago calling for action over ALD in 2016 with lawmaker James To Kun-sun alleging fraud.
Sur r e y - r e g i s t e red ALD’s failed property schemes include East Lane House in Runcorn, Olicana House and Alexander House, in Bradford, and Orchid Point in Manchester.
The Insolvency Notice for Ms Pieter said: “Pieter caused or allowed ALD to provide misleading and/ or incomplete information in respect of property developments.
“As such, investors were unable to carry out their own due diligence properly.
“Pieter also caused or allowed ALD to exercise inadequate control over property developments.
“ALD had no ability to ensure the terms of contracts entered into with investors could be met and failed to provide adequate safeguards in respect of money obtained from investors.
“During the period that Pieter was a director payments totalling £7,759,390 have been obtained from investors in respect of 219 units that have not been completed.
“The investors have not received restitution and they are creditors in the liquidation.”
Liquidation proceedings continue in relation to Absolute Living Developments. ●