Thursday, August 14, 2014

EcoHouse - When it rain, it pour

Now it is reported in yesterday TODAY that the Brazilian Embassy claimed that they have NO dealings with Ecohouse and was not even aware of it until complaints lodged by Singaporean investors against the UK based firm.

“In view of allegations by Singapore investors regarding EcoHouse Group, a company linked to executives in the UK, the Embassy of Brazil would like to state that the Embassy had no prior knowledge of the existence of EcoHouse’s operations in Brazil,” the embassy said in response to TODAY’s queries

On its website, EcoHouse claims that it was chosen by the Brazilian government as “the only UK company to date officially authorised to build developments under Minha Casa, Minha Vida”, which aims to provide three million homes for the country’s growing middle class.

Obviously someone is not telling the truth when taken together together with the recent Brazilian Embassy statement.

About 800 to 1500 local investors have collectively ploughed more than $70m into three housing projects.

The company was recently put on the Monetary Authority of Singapore’s (MAS) Investor Alert List, which lists unregulated companies that may have been wrongly perceived as being licensed or authorised by the MAS. Last year, Shenton Wealth holding, Dolphin Capital Asia  and a few others similar type of firms are also put on the MAS alert list.

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