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UPDATED: Investors try to freeze Caribbean resort firm's assets
INVESTORS in Harlequin Property have had a court bid to freeze its assets pit on hold.
Seven investors in the firm, which develops off-plan luxury resorts in the Caribbean, have applied for a freezing order against the Basildon-based firm which has taken around £300million in deposits.
They began a court bid to freeze its assets today after negotiations over getting their money back collapsed, but no freezing order was granted today by the court.
They are represented by law firm Regulatory Legal which was until yesterday negotiating with Harlequin for the return of a total of around £500,000 in depoisit payments for the investors.
The case, which is looking at ownership of some of the resort land, is being heard at the High Court in Birmingham.
Regulatory Legal says it earlier secured £300,000 in deposits for an individual investor.
Yesterday the Serious Fraud Office, a government agency that investigates suspected major fraud cases, announced it was investigating Harlequin and appealed for investors to contact it.
Harlequin denies any wrongdoing.
The case was adjourned until next Thursday at the same court.