Hi all - my wife bought a Silver Tree (STCC) plot via movewithus in the UK a few yrs ago for 16k GBP. Progress etc has been slow - the above chain probably explains why... We were not 'active' investors - we planned to sit on it and wait and see and looked to movewithus to have done the due diligence. Until I searched and found the above chain, I had no idea re the issues with the land in Argentina quoted in the newspaper - though we had been told of issues with planning permission etc.
My wife was recently approached by Silver Tree (or at least their UK rep who has been the contact since day one) to offer a free switch to a plot in Camino Real Country Club given the 'delays' with STCC. Apparently, the 'founders' behind STCC separately bought a portion of the Camino Real land (equivalent of maybe 200 plots there?) and due to difficulties at STCC, are proposing a switch (at zero additional cost). Over the last few months due to the delay with STCC, they have been paying a 'yield' on a monthly basis on the original investment amount (16k GBP in our case). Since July 09 we've been receiving quarterly payments (one in July, one in Oct received) equivalent to 8% pa on the original investment amount - this has given us some comfort as to their intentions etc. If STCC were a complete scam, I would expect all trace to have disappeared.
In any case, the options they have presented are:
1. Stay with STCC and they are 'confident' the issues will be resolved but don't know how long it will take (years...). Continue to receive the yield each quarter (8%).
2. Switch to Camino Real which they claim goes on the market in Argentina to local buyers in Dec 2009 at 80k USD.
3. Get your original investment amount back within 90 days of requesting.
We have requested our money back.
What surprised me was just how hard it was to find anything about STCC, Camino Real or any associated info online (until I came across this bulletin board). This was a big factor in requesting our money back.
I guess we'll find out in 90 days whether we get our money back or not. The fact we were receiving the 8% pa gives me some small hope we might. As an aside, the STCC person in the UK says the majority of original STCC investors have elected to switch to plots in Camino Real Country Club.
It seems odd to me that there appears to have been no press in the UK re STCC or indeed movewithus. I will point out that we became clients of movewithus precisely because they were a well established and well known UK company. We recognised that we were not qualified to assess land investment opportunities in Argentina or other distant places. Any investment they brought to us (we have 3 separate investments with them) we assumed to have undergone appropriate due diligence. Yet with the issues in Argentina with STCC, we have not heard from movewithus and I cannot find anything in the UK press online pointing to the problems referenced on this bulletin board. We will follow up with movewithus separately as well.
I am interested in any further insight anyone may have. In particular, to hear from any other STCC and movewithus investors. I'm also curious if anyone knows anything more about Camino Real. Any Argentine residents know of it ? Its supposed to be quite far along in development - but listening to the exchange in this forum, other than a website, I question does it even really exist ?
Thanks for the info above - its was very enlightening. In particular the Argentine newspaper article. Lets see if we get our money back inside 90 days !!