Open Letter to Directors, Eden Land Planning Ltd
There follows a clear description of financial and ethical misconduct in your handling of the Redruth-Eden investment project. My figures are accurate to within 1%.
Your Investors Presentation document (which is contractual) inflated the acquisition costs by £661,750.
You falsely claimed total acquisition costs of £2,200,000. The true figure was £1,538,250.
On completion of purchase, you had £661,750 transferred from ELS Legal's Client Account into Eden Land Planning's Account.
You did not seek the investors' permission for this transfer. In fact, you have concealed it for more than five years, just as you concealed the true purchase price of £1,475,000.
You have even filed falsified accounts year-on-year at Companies House, tailored to conceal the transfer of £661,750 from Redruth Eden Ltd to Eden Land Planning Ltd.
When asked to account for the £661,750, you claimed, without evidence, to have spent it in project operations.
Even if your claim were true, it is irrelevant. That £661,750 was not yours to spend. It belonged to the investors. (£29,500 belonged to my family). It represented almost 30% of the capital they had entrusted to Eden for the purchase of land, as per your Investors Presentation.
You are now trying to close the project down by selling the land for a little over £2m (which is probably a fair price for land that originally cost less than £1.5m). You hope the investors will accept a negative ROI (i.e. a loss). And you hope they will never learn that you broke their trust by investing only 65% of their money, having promised to invest 98%.
Finally, if you believe that you have done nothing wrong, tell the investors the truth. It is their absolute right to know how you used their money.