International Investors to Protest in Front of Moroccan Embassy in London

International Investors to Protest in Front of Moroccan Embassy in London


morocco embassy london
Image from a former sit-in [protest] outside the Moroccan embassy in London.
Rabat, Morocco (TMT)- The Paradise Golf and Beach Resort (PGBR) and Atlantic Golf Resort (AGR) investors, from which some are Moroccans living abroad, are furious that the Moroccan government did not strive to find a solution to the delayed completion of the aforementioned projects, initially planned to be completed in 2010.

The Core Team (a collective group of investors) will join a sit-in [protest] outside the Moroccan embassy in London, on Monday 25-04-2016.

The Core Team said they were thankful to King Mohammed VI for the arrest of the man behind the scandal, the project promoter, by name Larbi Tadlaoui. Tadlaoui was arrested few months ago for fraud following an order by the public prosecutor in Tangier.

But the Core Team say that after the arrest of Tadlaoui, a solution is yet to be found as the project was placed on the back burner.

The case started in 2006. The investors were given a land by the Moroccan Government, through the development company Atlantic Beach Paradise Resort SARL, to build an 18 hole Steve Ritson design golf course, swimming pools and approximately 400 attractive apartments and villas.

The site is situated between Asilah (a pretty Moorish town) and Tangier with views down to the beach. The development was promoted as part of ‘Vision 2010’’’ – King Mohammed VI’s Project – which planned to bring thousands of new tourists into Morocco. Off-plan properties were bought (by investors from seven countries) for approximately 67,000 Euros for a one bedroom apartment.

There were two phases known as Paradise Golf and Beach Resort (PGBR) and Atlantic Golf Resort (AGR). Construction on PBGR and landscaping the golf course began in 2007 and investors were assured that all construction licenses and funds for development were in place. Completion of the project was due in 2010. By 2012 construction was seriously delayed due to a dispute between the water supplier, Veolia, and the developer, over payment of works to date and changes to the scope of work.
The developer, who has not undertaken such a huge project before, appeared to have run out of money, despite backing from Banque Populaire. Groups of investors have come together to try to help ascertain a satisfactory solution.

Due to the delayed completion, many investors now have different financial circumstances, are too old to obtain mortgages and some investors have passed away. The collective group of investors have liaised regularly with the Moroccan Embassy in London since 2012.

The Moroccan Times.