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J&I Estates Ltd & Peter Stephenson Properties (Paphos)

POLICE are investigating a series of complaints against a developer, J&I Estates Ltd, accused of taking close to three million pounds from around 70 people for properties in the Paphos district which have not been built, two years after deposits were paid.

The Cyprus Property Action Group has received much correspondence on this matter.

Statement of complaint against Mr Ian Beaumont, Director of J&I Estates Ltd and Peter Stephenson Properties, Paphos, following attempted purchase of property at Marathounta Heights, Paphos.

In April 2005, my wife and I embarked on purchasing a Buy-to-Let Property, marketed, advertised and sold through Peter Stephenson Properties (PSP), formerly Stephenson Willowby King Estates Ltd. The property, located at Marathounta Heights, was to be developed by J&I Estates Ltd, the director of whom is Mr Ian Dyson Beaumont.

The purchase price of Cypriot Pounds 63,675 was 50% of the purchase price and the property would be let out by the developer for 6 months of the year for a period of 10 years from final development, to make up the final total payment. The amount stated above: CY Pounds 63,675, was paid to PSP between April and September 2005.

My contract stated that the property would be delivered by 1st October 2006, with penalty payments for every month of delay. We also had an option to cancel the contract and receive full repayment should the property not be delivered through no fault of our own. The option to cancel the contract and obtain a refund has been exercised in writing.

To date no property has been built at Marathounta Heights, nor has any work commenced to develop any properties. Further to that, the developer, Mr Ian Dyson Beaumont has subsequently left Cyprus and his whereabouts remain unknown, with no apparent intention of refunding clients or developing the properties. He has not appointed any legal person to act on his behalf, leaving me and other clients in a period of uncertainty regarding our investment. He is clearly in breach of contract amongst other things. I have had nothing but lies and stalling tactics said to me as to why the property has not been developed. I would like to mention that Mr Ian Beaumonts father, Mr JOHN DYSON BEAUMONT, who resides in Peyia, Cyprus, is also recorded as being a director and company secretary of J&I Estates Ltd.

As stated above, I paid the full deposit of CY Pounds 63,675 to PSP, of which I hold confirmation of payment. I further have email confirmation from PSP of receipt of monies. PSP subsequently claim to have paid all monies to Mr Beaumont/J&I and when asked by me to provide confirmation of transfer, refused or directed me to their solicitors who have subsequently refused to give details unless asked by a court of law.

The Manager of the Paphos Branch of PSP Mr ANDREW NOLAN, not only had sole control of the finances, but has been banned by the UK Courts for a period of 15 years for serious financial fraudulent activity.

NOLAN was previously a Director of Stephenson, Willowby, King, the company as mentioned in the opening paragraph of this statement.

Having read and understood the conditions of payments for properties, ie Initial deposit, full deposit within 14 days, further payment upon signing of contracts and final payment upon foundations being layed, I have reason to believe that illegal activities have taken place by PSP regarding payments of monies, marketing and selling properties and client support.

Please note, that the Sales Director, Mr Brian Overy, who was also very much involved in the marketing and sales of the above development, has left the company at short notice, further fuelling speculation of knowledge surrounding/regarding illegal activities.

With regards to Mr Beaumont, he has claimed several times both in person and verbally on the telephone, that he has no money to complete the developments, although he has collected in access of CY Pounds 3.5 Million and retains many assets around the world. I am led to believe that he has attempted to purchase properties in France, using monies that have been paid by PSP, into his personal bank accounts (Laiki Bank?), money that was paid to him for development of Marathounta Heights and other developments. I therefore suspect theft and fraudulent activities to have taken place by Mr Ian Beaumont and J&I Estates Ltd.

I am sending this letter as a request to help solve the unfortunate predicament that I and approximately 50 other clients, find ourselves in. We have paid a large amount of money, through the correct legal channels, for a property that has not been developed, nor is there any sign of it being developed. There is also concern regarding the location of monies paid, the legal process followed in payment of monies, the legal process involved in the marketing and selling of properties and the whereabouts and intentions of the developer Mr IAN BEAUMONT and PSP Estates Ltd.

I further believe that all employees of PSP and J&I Estates have an exceptional ability to speak the words that everyone wants to hear, but sadly lack the ability/willingness to provide the proof and backup of respective statements made. To this end, despite the advertisements and claims to safeguard investors and clients, all people involved have instead turned their backs on the clients and are forcing us to invest further money in legal action to obtain the answers/proof that they already hold.

Due to ongoing legal investigations, I am unable to comment further with regards to the allegations surrounding the activities of PSP (including the time in which Mr Overy was in their employment). Should any employee or former employee of PSP or J&I Estates disagree or take offence with my opinions, I naturally welcome their comments and invite them to disprove my opinions in a court of Law.

I request that full attention is given to resolving the issues at hand.

I remain fully available to answer questions and provide copies of all documentation that I have, relating to this issue.

Jon Fox
UK