Worldwide Destinations - Peter Morris Held In Egypt

"I’M LOCKED UP OVER PROPERTY CON BUT I DID NOTHING WRONG"

A BRITISH businessman is being held in an Egyptian jail after being arrested in connection with a suspected multi-million pound property fraud.

Peter Morris, 46, has been locked in a filthy cell for five weeks after Egyptian authorities said he was behind an international scam involving Sean Woodhall, a convicted conman who went missing in a mysterious plane crash in Brazil last year.

Mr Morris became the sole director of Worldwide Destinations, a property company owned by the Woodhall family, in February following a request from administrators. He pleaded last night: “Please help me. It is killing me to be in here. I have committed no crime.” During the past three years, the company based in Cambridgeshire has sold hundreds of off-plan apartments to British investors in the Red Sea resort of Hurghada. Some 300 investors paid an average of £40,000 as deposits, but the builders El Riad claim that more than £2million of the money failed to reach them and is now refusing to hand over any keys until it has been paid. El Riad invited Mr Morris to Egypt for negotiations last month, but soon after touching down he was arrested and accused of fraud.

Mr Morris, who shares a cell with 50 others, including alleged murderers, claims he was entrapped. Woodhall, 43, received an 18-month suspended sentence in 2001 for an advertising fraud in Birmingham. Worldwide Destinations foundered and half-brother Mark Lovelock ran Worldwide, but revenues dried up. When clients started complaining about problems completing their deals, Mr Morris was asked to help by Grant Thornton administrators.

After five weeks’ sleeping on a cell floor and sharing one toilet with 50 other inmates, Mr Morris is in poor health. Yet no formal charges have been made. He said: “I only came out here to try to help people who were having problems with their properties and I ended up being arrested.”
His wife Helen, 36, and daughter Danni, 11, are anxiously waiting for news at their home in Great Cambourne, Cambridgeshire. Mrs Morris, who has only had one two-minute phone call with her husband and an email in which he told her a visit would be too distressing, said: “We are both distraught.

“I just hope he holds it together out there and this all ends as quickly as possible. I just wish Peter had never got involved with the Woodhall family.”

Builders El Riad claim that Mr Morris, when he was Worldwide’s master agent, was not legally entitled to sign purchase contracts with British investors, but he insists he had full power of attorney from Sean Woodhall.

El Riad has now told hundreds of British customers that if they do not fly to Egypt to sign new contracts and pay “maintenance and legal costs” of £4,000, they risk losing their apartments.
Mohamed Hussein, a partner in El Riad, said: “I cannot understand why people who have paid around £40,000 for their apartments would not spend £400 on a plane fare to come and sort out the problem.

“I like the British and I want to do more business with them. I am trying to help these people. I have lost a lot of money already because I have not been paid by them.”
Britons living in Wordwide Destinations’s Desert Pearl resort claim that El Riad has cut their power supplies. They are also concerned that their properties were not “free of encumbrance”, as their contracts claimed, as the landowners had taken out a prior mortgage on the site, which now risks being called in.

Former printer Gary Barrett, 41, and his wife Kim, 40, of Romford, Essex, spent £35,000 on one apartment and £19,000 on a second, which is still under construction. Kim said: “We were told out of the blue that the builder had padlocked the gates and changed the locks and that the apartment is no longer ours. The same is going to happen to the second.”

A Foreign Office spokesman said it has monitoring Mr Morris’s situation.

Courtesy of The Daily Express

UPDATE: An extensive forum can be seen on Worldwide Destinations at Propertyhotspotsworldwide.com

New Rules For Saudi

New Rules For Saudi

No longer can off-plan properties be marketed in Saudi Arabia – new rules introduced in the country which ban the promotion and sale of any developments that are at the planning stage aim to cut down speculation in the property sector and build investor’s confidence…

Developers of residential, office, industrial and commercial property are now banned from placing any adverts or promotional material in any publication if their project is still in the planning stage.

Property exhibitions, both local and international, are also banned as is any other form of multi-media publicity. The developers are not allowed to sell any of the properties off-plan either.

Saudi Arabia is desperate to avoid the boom and bust situation which often occurs as a result of over active speculation in a property market. Dubai is the prime example of this - speculation in the emirate has seen prices fall by as much as half in some areas over recent months.

Dubai had barred off-plan speculations on properties a while back in an attempt to eliminate the boom and bust scenario.

The Saudi authorities are also concerned that international investors have been put off buying property in the country as they thought they may be exploited, so these new rules were introduced as part of a series of measures to protect buyers.

There is also a new committee in place which will be responsible for examining applications for real estate development.

The new property measures will be presided over by the committee, which will include representatives from the ministers of Commerce and Industry, Municipal and Rural Affairs, the Saudi Arabian Monetary Agency and the General Commission for Housing.

The property committee will now have the final say on whether an individual property can be marketed and developers will have to apply to the committee before being able to go ahead with any project.

Courtesy of The Move Channel