ABOUT THIS SITE
This website was originally created so the purchasers of all the main developments could communicate with each other and follow the progress of the building work on the four main sites around Paphos (Armou, Tremithousa, Tsada & Marathounta).
Unfortunately, despite collecting over £3 million from around 50 to 55 purchasers no properties have been built . The only work of any significance was at Armou and that stopped over a year ago with only the foundations being laid. This leaves the best part of £3 million unaccounted for.
Ian Beaumont (Managing Director) of J&I estates has now fled Cyprus and went into hiding, and we now learn that Andrew Nolan who ran the Paphos branch of Peter Stephenson Properties has also left Cyprus and has not informed his office when he intends to return. It may be helpful to know that Mr Nolan was banned in the UK from acting as a director for the maximum period of 15 years (archive.worcesternews.co.uk/2003/7/23/184129). Despite his track record P.S.P asked purchasers to transfer payments to an account in Redditch in the UK, coincedently the same town where Mr Nolan used to live. Andrew Nolan had full and unrestricted access to this money and we also now know that Mr Nolan transferred money on several occassions to Mr Beaumonts personal account in the UK. Mr Beaumont also rec'd some funds directly from purchasers into this account.
Mr Beaumont then attempted to purchase property in France using this very same bank account to fund the purchase--we have a copy of a fax sent to the branch manager asking for money to be sent as a deposit to the French notaries.
The Cyprus Mail and the Daily Mirror have already published articles about our situation and ITV have already sent an investigation team out to Cyprus to gather evidence. Purchasers are now contacting members of parliament and we have submitted reports to the Serious Fraud Office and we await their response.
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