Self-invested personal pension (SIPP) providers holding Harlequin investments are set to earn £17m from investors in fees over the next ten years, according to a law firm, while the underlying investment could be virtually worthless.
About 3,400 of the nearly 6,000 people who invested hundreds of millions of pounds into troubled unregulated overseas property company Harlequin Property did so via their SIPPs. However, the value of the investments is in doubt after a string of problems at Harlequin meant work stopped on the hotels and villas it was due to build across the Caribbean and Brazil, leaving investors in limbo and unable to get their money out. The Lifetime SIPP company, which according to law firm Regulatory Legal has the second highest holdings of Harlequin, has valued the investments at a nominal value ...
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