Investment promoter ‘made €8m secret profit’

More than 100 Irish and UK investors in a property in China have brought court proceedings over an alleged “secret profit” of €8m made by the promoters of the investment.

It is claimed €30m, plus €4.5m in fees, was raised from about 110 Irish and UK investors in 2006 and 2007 for the purchase of a block of 26 apartments in Shanghai, functioning as an apart-hotel.

The investors claim they later learned about €22m was paid to the seller of the shares of the company that owned the apartment block, and “a material secret profit” of some €8m was made by Vantium Ltd.