The Financial Conduct Authority (FCA) has agreed a settlement of proceedings in the High Court which will enable it to return approximately £380,000 to investors in a land bank.
St Clair Estates Ltd owns a disused airfield in Winkleigh, Devon, which in 2006 was divided into separate plots. The plots were sold to consumers initially by St Clair Estates Ltd and Elizabeth Fischer (a former director of St Clair) and then latterly by OFG Investments Ltd, Option Land UK Ltd, GIG Properties Ltd, Mehmet Husnu and Ali Seytanpir. The plots were sold with the promise that investors would make a significant profit when the land obtained planning permission and was sold to a developer. The FCA believes that over 70 investors were sold plots of land paying between £6,00...
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