David Pollard, the AIPP member accused by various media sources of being an “ambulance” chaser” has vehemently denied the claims today.

 

An open letter by Jamie Dewar of Roxborough Investments published by Cyprus Property Magazine this week accused Pollard and his company Universal Vacations Realty of taking money by deceptive means from clients of Alpha Panareti to help them renege on sales contracts on the St George Hills development in Paphos, Cyprus.

In an interview with Global edge, Pollard takes issues with the claims made against him.

“I refute the claim that Universal Vacations are “ambulance chasers”. I feel I am uniquely qualified to advise clients on Alpha Panareti developments due to my previous long association with the brand and my26 years experience as a professional estate agent in both Florida and Cyprus”

Responding to criticism that he has no legal authority to advise on contractual issues Pollard states:

“Universals services are designed to identify obvious faults in the loan process and negotiate an exit strategy with the bank from a position of strength.   Once a solution is found the case is then handed over to a registered member of the Cyprus Bar Association for settlement”.      

“Low cost solution”

Pollard also maintains his services compare favourably in terms of price to the competition.

“There are a number of law firms currently offering their services for purchasers of Alpha Panareti properties with legal fees ranging from £6,000 to £15,000 and involving what could become lengthy court cases.   Our standard £2,750 offers an inexpensive low cost solution to the glacial pace of the Cyprus legal system”.

Pollard is accused of using the Fine & Country brand without permission in order to deceive clients into thinking his services are part of their portfolio.

“Universal have marketed under the F & C brand for two years in Cyprus but have now reverted to their original name.  Richard Combellack of F & C was fully aware of Universals client services in Cyprus and their licensing agreement allowed client mediation services”, he says.

Financial pain

St George Hills Phase I was originally due for completion in September 2009 but has yet to be finished.  Investors’ financial pain has been accentuated by sharp falls in property prices on the island and Alpha Bank Cyprus (not related to Alpha Panareti) charging high rates of interest for loans taken out to purchase the properties.

An estimated 1100 units were sold to international buyers, many of them through the ROPUK IFA network which has now ceased trading.

As reported by Global edge last week, Alpha Panareti is considering legal action against Pollard to defend their commercial interests.

“Massive grudge”

One of Alpha Panareti’s legal arguments will be that Pollard is unfairly singling them out for personal reasons.

In an open letter to Alpha Panareti owners group on Facebook Pollard stated that his motivations were at least in part personal.

 “Yes I do hold a massive grudge against Alpha Panareti for many reasons including the fact that they will not pay me for the properties I purchased and then sold. Not knowing at the time that Panareti had not registered them in my name. Yes that is an accusation” he wrote.