A Swiss land banking company has been ordered into compulsory liquidation for a scheme in which it sold land in South England which left investors owning useless plots bought at inflated prices.
Hambrook & Greenstock AG ran a land banking business selling plots of undeveloped land to UK investors at three sites at Sible Hedingham, Marlow, and Chalford.
The company bought the land for just over £600,000. Some 750 plots were subsequently sold to investors for £5 million.
The firm sold plots of land to the public on the basis that it would seek planning permission and then no planning permission had been obtained.
The petition to wind up Hambrook & Greenstock AG, in the public interest, was presented following an investigation by the Department of Business, Enterprise & Regulatory Reform.
BERR Minister Pat McFadden says: “This should send a message loud and clear to fraudsters who think they can rip people off and get away with it. These people used a slick sales pitch to swindle honest investors who ended up out of pocket.
“We’re determined to crack down on these scams. The public should be wary of aggressive land sales offers.”