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Sharing the proceeds of investment?

  • 09-08-2020 11:55am
    #1
    Registered Users Posts: 475 ✭✭ baalad


    Can anyone explain to me how this works. It's a long story that involves my partners dad.

    Basically his dad passed away almost 12 years ago and there was some money left behind. Two family members in particular decided they wanted to invest the money (my partners dad and his sister, who happens to be a solicitor) so they invested there share of the money. However, this sister / solicitor also took money from work colleagues that was also put into the investment so in total there is around 5 investors .

    Fast forward to 2020 and it's alleged (from what my partner tells me) that the investment is now worth a few million and all investors have decided to cash out.

    My partners dad however was never named as one of the investors. He agreement / plan was seemingly that she will just share the money with him when she gets her share.

    As of last month, she had told him that all paperwork / documents were sorted and that because the investors had offspring they were sharing the money with. They decided to bring in a peacemaker to share the money fairly among everyone the investors had named.

    It was alleged it would take 3 days per person for each person to receive their share but 3 weeks later and there's no evidence of anyone at all receiving anything.

    Because my partners dad left it to his sister / solicitor to take care of the investment. He only knows what she is telling him. They only communicate via phone as she lives in another part of the world but she has sent him a photo of a document which appears to be stamped by the organization they invested in and the document basically addresses the person in charge of the investment and states that there is difficulty in distributing the money to everyone in a timely fashion and they have decided to hold a meeting and discuss alternative options with regards the best way to distribute the money.

    However the update after this alleged meeting was that everyone just needs to stay patient and wait but it's another 3 working days later and there is still no transfer?

    Does anyone here know if the above sounds strange. Is this normal procedure etc If it was me i would be seeking legal advice but my partners dad trusts his sister and is remaining patient. Me and my partner however are extremely skeptical and beginning to wonder if he's somehow being conned?


Comments

  • Registered Users Posts: 8,760 ✭✭✭ Shedite27


    baalad wrote: »
    Can anyone explain to me how this works. It's a long story that involves my partners dad.

    Basically his dad passed away almost 12 years ago and there was some money left behind. Two family members in particular decided they wanted to invest the money (my partners dad and his sister, who happens to be a solicitor) so they invested there share of the money. However, this sister / solicitor also took money from work colleagues that was also put into the investment so in total there is around 5 investors .

    Fast forward to 2020 and it's alleged (from what my partner tells me) that the investment is now worth a few million and all investors have decided to cash out.

    My partners dad however was never named as one of the investors. He agreement / plan was seemingly that she will just share the money with him when she gets her share.

    As of last month, she had told him that all paperwork / documents were sorted and that because the investors had offspring they were sharing the money with. They decided to bring in a peacemaker to share the money fairly among everyone the investors had named.

    It was alleged it would take 3 days per person for each person to receive their share but 3 weeks later and there's no evidence of anyone at all receiving anything.

    Because my partners dad left it to his sister / solicitor to take care of the investment. He only knows what she is telling him. They only communicate via phone as she lives in another part of the world but she has sent him a photo of a document which appears to be stamped by the organization they invested in and the document basically addresses the person in charge of the investment and states that there is difficulty in distributing the money to everyone in a timely fashion and they have decided to hold a meeting and discuss alternative options with regards the best way to distribute the money.

    However the update after this alleged meeting was that everyone just needs to stay patient and wait but it's another 3 working days later and there is still no transfer?

    Does anyone here know if the above sounds strange. Is this normal procedure etc If it was me i would be seeking legal advice but my partners dad trusts his sister and is remaining patient. Me and my partner however are extremely skeptical and beginning to wonder if he's somehow being conned?
    All of this sounds strange to be honest, had to read it a few times and still don’t understand all of it.

    I’m guessing if ye needed to get more investors together initially to add to the “investment”, then the investment is more complicated than shares that can be quickly sold. If it’s a property/company/racehorse etc then 3 weeks to dispose, in the middle of holiday season seems normal.

    But to be honest, without you disclosing what type of investment it is, it’s hard for anyone to tell how quick it should be to turn to cash.

    And again, it’s 9th August, the most unproductive time of the year.


  • Registered Users Posts: 475 ✭✭ baalad


    Shedite27 wrote: »
    All of this sounds strange to be honest, had to read it a few times and still don’t understand all of it.

    I’m guessing if ye needed to get more investors together initially to add to the “investment”, then the investment is more complicated than shares that can be quickly sold. If it’s a property/company/racehorse etc then 3 weeks to dispose, in the middle of holiday season seems normal.

    But to be honest, without you disclosing what type of investment it is, it’s hard for anyone to tell how quick it should be to turn to cash.

    And again, it’s 9th August, the most unproductive time of the year.


    To the best of my knowledge the money was invested in some human rights organization in South America. The money is allegedly cleared and ready to be transferred but three weeks have passed with none of the investors receiving anything. 3 days ago however the organization sent a document apologizing for the delay with regards to doing the transfers and were looking at alternative options that would allow them to transfer the money to everyone involved in one go rather then doing each person separately.

    All sounds a bit strange to me but i have no clue how these things work.


  • Registered Users Posts: 475 ✭✭ baalad


    Can anyone tell me how long it should take pre transfer? If the documents are sorted and the source of funds is sorted then there's no reason for it to take weeks just to make the transfer right? I understand it can take a few days to arrive in your account but what's involved before they can actually process a transfer?


  • Registered Users Posts: 5,228 ✭✭✭ The J Stands for Jay


    baalad wrote: »
    Can anyone tell me how long it should take pre transfer? If the documents are sorted and the source of funds is sorted then there's no reason for it to take weeks just to make the transfer right? I understand it can take a few days to arrive in your account but what's involved before they can actually process a transfer?

    No-one can tell you. Investments in this type of organisation are pretty rare.


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