Open Letter to Directors, Eden Land Planning Ltd
(updated, August 2024) Gentlemen, There follows a clear description of financial and ethical misconduct in your handling of the Redruth-Eden investment project. My figures are accurate to within 1%. Your Investors Presentation document (which is contractual and predates the Shareholders Agreement by several months) inflated the total acquisition costs by £661,750 or 43%. You falsely claimed total acquisition costs of £2,200,000 . The true figure was £1,538,250 . As per the Investors Presentation, on completion of purchase, the unspent surplus should have totalled £40,000 only, of which £25,000 was earmarked for legal fees around the forward sale. On completion of purchase in July 2018, your lawyer, ELS Legal*, transferred the excessive unspent surplus of £661,750 from their Client Account into Eden Land Planning's Account. You did not seek the investors' permission for this transfer. In fact, you have concealed it for more than six years, just a...