'Give me back my €440,000 life savings'
Wednesday November 11 2009
FATHER-of-three Alan O'Neill remortgaged his home and ploughed his pension, personal savings and money set aside for his children's education into the Dubai scheme.
The ice salesman, from Ballycullen in south Dublin, travelled to Dubai before committing his money. He liked what he saw and hoped the investment would yield cash for his family's future. But now he has no idea where the €440,000 he put into the scheme four years ago is, or what it has been used for.
"I read about it in the papers and it sounded interesting," he said. "I went over and I was just sold on the Larionova idea and the concept.
"I've invested in four different properties with Larionovo. The first one was International City, which is now completed and I still don't have deeds or keys for it. I've seen the end product, the site. I've bought in Sports City -- Westgate is 60pc paid, again through Larionovo and Profile. The third property I bought was Snowdome through Larionovo and Profile and 32 group, which is 50pc paid.
"I've a €10,000 deposit paid on another one -- the Waterfront -- to Larionovo. I have no idea where that has gone."
He returned to Dubai again last year to see what progress had been made on the developments.
"I was over there twice last year and they were just up to sub-floor level. There were no problems at the start and all the indications were fantastic until Larionovo disappeared overnight.
"The last contact I had was around nine or 10 months ago and I've been trying to email them and had people email on my behalf but there's been no joy.
"I'm planning to go over there in December to find out for myself. I don't think it will be completed. I'd like my money back at the moment because I really need the cash at home."
- Fiach Kelly
Irish Independent
