In the world of investments, one name has come under the spotlight for all the wrong reasons – Tambaba Investments. This failed investment, incorporated on 15 August 2013 in Solihull, England, left a trail of financial distress and disappointment in its wake. What started as a promising opportunity for investors quickly turned into a nightmare as mis-sold claims surfaced, involving prominent figures in the industry.
In this article, we dive into the details of the Tambaba Investments failures and how we at CP Financial Claims can assist those affected by this unfortunate situation.
The Tambaba Investments losses have raised eyebrows within the investment community, shedding light on the practices of financial advisors involved in the process. Among the notable names tied to the case is Cherish Wealth Management, a financial advisory firm that played a pivotal role in the investments distribution.
The firm was also an appointed representative of Shah Wealth Management, further deepening the connections. Tambaba Investments were recommended by Cherish and its representative Shah Wealth Management.
Both Tambaba Investments, and another failed investment Brisa Investments, shared the same director.
Cherish Wealth Management's involvement in advising clients to invest in unregulated investment schemes has proven to be the major contributor to the losses. The firm's founder, played a role in creating some of these investment vehicles. However, the advice was given after their departure from Cherish in 2011.
These investment schemes, including Brisa Investments, Lakeview UK Investments, Invest US, and the notorious Tambaba Investment, primarily revolved around overseas-based property ventures.
The failures surrounding Tambaba Investments led to a cascade of claims against Cherish Wealth Management, prompting the Financial Services Compensation Scheme (FSCS) to announce that claims can be submitted. The FSCS, an industry-funded mechanism designed to provide relief to those affected by financial failures, has been instrumental in compensating individuals who were affected by the mis-sold claims.
Initially, the FSCS disbursed £7 million in claims against Cherish Wealth Management. However, this figure skyrocketed to an astonishing £16 million within a mere three months, highlighting the magnitude of the problem. Nearly 1,600 clients lodged claims against the firm, with payouts primarily covering SIPP (Self-Invested Personal Pension) claims and personal pension transfers.
With 188 claims still pending, the total compensation payouts are expected to rise further. This once again arose concerns about the supervision and regulatory processes of the Financial Conduct Authority (FCA).
The gravity of the situation becomes clearer when we delve into the FSCS claims breakdown. As of now, Tambaba Investments has seen 36 claims upheld, with 1 claim in progress and 6 claims rejected.
Brisa Investments, has faced 121 upheld claims, 7 claims in progress, and 10 claims rejected.
Invest US, a name that echoes optimism gone awry, stands with 452 upheld claims, 63 claims in progress, and 30 claims rejected.
Lakeview UK Investments has had 126 claims upheld, 8 claims in progress, and 13 claims rejected.
However, these numbers are just a fraction of the total claims lodged against Cherish Wealth Management. A staggering total of 1,973 claims have been filed, out of which 1,598 claims have been upheld, 188 claims are still in progress, and 187 claims have been rejected.
In a further twist to the tale, auditors for both Brisa Investments and Tambaba Investments resigned November 2017. The auditor PKF LittleJohn made a significant statement, noting that they lacked sufficient and appropriate audit evidence to report on the financial statements for the year ending 30 March 2017. Subsequently, new auditors were appointed for both investment ventures.
However, despite these changes, concerns persisted. New auditors pointed out a shortage of information from the firms that these investment schemes lent money to. This lack of transparency only deepened the mystery surrounding the financial viability of these ventures.
It’s important that you also use this as a lesson going forward and learn to be more vigilant with your research into who we get advice from and the investments they may suggest.
Amidst this tangled web of mis-selling claims and financial turmoil, here at CP Financial Claims, we act as a beacon of hope for individuals affected by the Tambaba Investments and other failures. With a dedicated team of experts well-versed in financial disputes and mis-sold investment claims, CP Financial Claims is committed to helping individuals navigate the intricate landscape of compensation.
If you recognise any of the names mentioned above and suspect that you may have been affected by the mis-sold claims surrounding Tambaba Investments, Brisa Investments, Invest US, or Lakeview UK Investments, it's crucial to take action.
Our team is here to provide the guidance and support you need to start a claim and seek the compensation you rightfully deserve.
Please fill in your details below, for a free, no-obligation chat regarding your situation.
