A UK real estate company boss who was banned as a director after his firm collapsed leaving a trail of debt, has resurfaced in Dubai.
Balinder Chohan was founder and owner of London-based UK Land Investments Limited (UKLI) until it went into administration in April.
Chohan was disqualified in April 2008 for four years for his “unfitness to act as company director”, according to Companies House records.
Now he runs a Dubai-registered company called UK Capital Investments Group (UKCIG), with offices on Al Wasl Road.
Investors in the UK bought small plots of farmland from UKLI in the expectation that it would attain planning permission for housing and increase in value as a result.
Chohan refused to comment when contacted on his mobile phone yesterday before hanging up.
Before it slipped into administration, UKLI records indicate that approximately 5000 plots of land were sold to investors, spread over several locations.
On its website, UKCIG lists itself as an affiliate of UKLI and says that it has “a substantial land bank under management in the wealthy south east of the UK”.
The website says: “The land has been identified by personnel with in-depth planning expertise as having a strong probability of being rezoned from agricultural to developmental use… The UK’s tight planning controls result in a substantial uplift in value when land achieves allocation.”
London-based administrator Deloitte is currently trying to locate funds loaned by the collapsed UKLI.
“We are at the very early stages of the administration process, so we don’t know how much we will be able to recover,” Francis Paget at Deloitte told Arabian Business on Monday.
“As long as investors have registered their land, they have a choice – either hold on to the land, or sell it to us and we will give them a dividend for it,” he continued. “We have no idea what the dividend is yet, and it will depend on how many of the investors take this option.”
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