Visual Summary
For those who like their information presented graphically, here are two diagrams. The first shows the Redruth Eden project as set out in the Investors Presentation document. The second shows the project as actually conducted by Eden Land Planning Ltd. The Promise: 22 Investors raise a fund of £2.24m It is used to purchase land for £2.1m The land is sold for £3.1m Investor profit, £584,500 ELP profit, £250,500 The Reality: 22 Investors raise a fund of £2.24m It is used to purchase land for £1.475m but ELP conceals the purchase price. The surplus funds of £661,750 are quietly transferred from Redruth Eden to ELP. The land is unsold after nearly 6 years. The investors have had no returns. Shareholders' Agreement, Schedule 3 states: No Business Plan can be materially varied without Majority Shareholder Consent. Not only did Eden conduct a completely different project from the contractual Investors' Presentation version without seeking Shareholders' Consent, they did it cove