The marketers failed to give an accurate and true picture of the due diligence checks done while promoting the projects. Read more at straitstimes.com.
SINGAPORE – A couple who lost close to $600,000 in two social housing projects in Brazil have wonThe High Court found the marketers – Ms Wendy Kwek and her former husband, Mr Joey Poh – liable for negligent misrepresentation as they had failed to give an accurate and true picture of the due diligence checks that were done while marketing the projects to investors here.
The developer, Ecohouse Brazil, failed to deliver the units and also failed to deliver the promised 20 per cent return of the purchase price after a year.“In such a context, it was incumbent upon Wendy and Joey to act with utmost care and caution when marketing the Casa Nova project and the Bosque project to investors,” he said.
The plaintiffs said Mr Poh affirmed Ms Kwek’s claims at the presentation by smiling and nodding his head. The judge said the reality was that Mr Poh had engaged the lawyer primarily to help with the structuring of the joint venture company that was set up to market the properties. “Thus, this was, in reality, a due diligence exercise conducted by the developer to check itself,” said the judge.
The judge noted that Mr Poh was introduced to Casa Nova only in March 2012. It was simply not possible for him and Ms Kwek to have monitored the project for a year when they introduced it to investors in July and August 2012.But the judge noted that no evidence had been presented on the sum they paid for the units.
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