Cape Verde

2841 days ago

The Cape Verde scam the EU could not be arsed to deal with

Last month I wrote on Shareprophets about how British and Irish investors have been ripped off by numerous dodgy property developers in the unregulated backwater country Cape Verde. These victims had received very little publicity up until now but BBC's Panorama last week featured a pension scam by one of the major Cape Verde developers – The Resort Group. 

2877 days ago

The Cape Verde Scandal and another major example of what is wrong with the EU.

Ten years ago Cape Verde, a small group of islands south of the Canaries, was hyped as the next holiday home hotspot. Apart from the perfect climate, Cape Verde sold itself on being an associate member of the EU as well has having solid property laws (it was until recently a Portuguese colony). The favoured currency in the country is the Euro. UK and Irish investors bought into promised developments promoted by Irish, British and Italian developers, handing over staged payments totalling an estimated € 300 million.