The ABC bonds are now in administration, and more to the point, may have been mis-sold to many investors who may now be able to make a claim.
The ABC bonds were always a high risk investment, and while the money was supposed to be used to purchase, renovate and realise properties for profit” and sounded good, now both the UK sides of the investment are in administration.
ABC Alpha Business Centres UK Limited is formed, setup to purchase and renovate property to turn a profit.
Best Asset Management Ltd is listed as a director.
Best Asset Management resigns on the 14th July 2016
A notice placed in The Gazette states that the firm has entered administration on 20 Jan 2017.
In August 2018, the administrators released a progress report. It detailed how Best Asset Management Limited ‘were to seek legal advice’ in regards to retrieving funds, and how a criminal case for embezzlement had commenced against Mr Imran Karim (director and shareholder), in Dubai.
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As they are high-risk investments, IFAs have rules to follow when recommending them.
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