Pull out or not?

kuratowski

Malthusian said:

Not correct: half the balance over £270k also goes to the surviving spouse, and it's the rest that is split into equal shares and is distributed among the children. Assuming English / Welsh law applies.

Thanks!  

SeeJayJensen

Zanderman said:

SeeJayJensen said:

@barnstar2077 @dunstonh I don't think that it's a scam? because he's witness how the hospital was built (he invested in the hospital before it even opened). also, he's received the necessary perks listed in the contract and more. <-- is this their way of making up that they haven't paid him the correct dividend?

Just because the hospital exists doesn't mean the financial investment is secure.  The are many scams out there claiming to give people shares in hotel rooms (in real hotels) or car-park shares (in real car parks) but they are mostly scams that start off paying the promised divi and then, er, stop. And the 'investor' finds that they never really had any money in that hotel or car park, they were just lied to about it.

So the issue is not whether there is a building but what is the organisation that ran the investment scheme.  From the info you've given so far there's no clue as to who this is.

But, from the info you given, there is clearly some correspondence/paperwork about it so if you could post some detail about that - who the letters are from, what the firm is called etc, what the contract says.  It may be completely legit, but it might not be.  And the only way to tell is to give some info on who is running the scheme.  

ETA - basically, if he thinks the divi being paid is wrong, or it's not being paid at all now, then alarm bells should be ringing!  He's either wrong about what he should get.  Or he's being (been) scammed.

I'd like very much to do that but we both live in different houses and he doesn't know I'm doing this. 

Is it still a scam scheme if he's receiving perks and more that he said are listed in the paperwork? Also, it's possible that I'm wrong right? Like, it can be on the paperwork that he'll be receiving his dividend maybe on the 5th year or 10th year?

SeeJayJensen

I'm sorry. I very much like to give more details but I haven't touched the paperwork - let alone see it. He doesn't like people touching and reading them (esp me since he still thinks I'm too young/dumb for this kind of financial stuff) and his other important files stuff. I vaguely remember him and my uncle (his only son and third child) talking about it (my uncle has a small laundry shop and probably knows something about business, IDRK). Oh, I forgot to tell you, the hospital isn't here but in another country. I guess maybe that's why he's being somewhat mysterious about it? 

I guess he had an inkling that the investment is a scam or a dud (for positivity) and wanted to pull out some time ago. But the pandemic happened and he decided to just keep it just in case something happens *knock on wood*. It's like he's treating it like a health card or something since he's retired and all. I guess he's thinking that if something did happen, we can just go there and get treated. That kind of thing already happened once when my grandmother's UTI resurfaced after how many years. They got one of the best single rooms, the best doctor (for UTI), and they only paid, I think(am not sure) 25% of the total bill for the week's stay and treatments. Anyways, they didn't pay the whole bill. 


If he does get his initial money out, what can he do with it? He likes earning money so he's probably going to do something about it (but not putting it in the bank because he doesn't like banks (IDK why; he's skeptical about them I guess)). Get an agency then put it in the stock market? Or invest it in somewhere stable like food, restaurant?

missile

"Oh, I forgot to tell you, the hospital isn't here but in another country." That is another alarm bell ringing. What country and what is the name of the hospital?

Zanderman

This is getting more and more mysterious, and seems less and less likely to end well.
Your lack of knowledge about this investment means that no-one here can give you the advice you seek. 
Now you tell us it's in another country, but as missile asks above, which country?  Do you know? 
And you also imply, in your recent posts, that this 'investment' allows family members to get discounted treatment - but you're not even sure about that.  
And you imply your GF wouldn't put money in a bank - because 'he's sceptical about them'. 
I'm sorry OP, but without further info no-one can help. 
And the scenario you're describing sounds increasingly unlikely anyway - indeed I'm no longer sure that this isn't a wind-up!

ETA I note that all your posts, OP, including your recent thread asking about how your uncle can avoid hotel thieves (!) were made in the early hours of the morning.  Which does make me wonder which country you're in.

AnotherJoe

Op, your title ends with a question mark which almost certainly misplaced, since I feel confident that the issue is that's a false question because  he won't be able to, which means he has lost his entire "investment". 

If there is the possibility to, which I feel confident there isn't, then yes do it ASAP,  it's a terrible idea for many reasons, but I strongly suspect your grandfather isn't amenable to reason on the grounds he already invested all his retirement money into one single overseas illiquid place, not the actions of a reasonable person.

Aretnap

SeeJayJensen said:

Zanderman said:

SeeJayJensen said:

@barnstar2077 @dunstonh I don't think that it's a scam? because he's witness how the hospital was built (he invested in the hospital before it even opened). also, he's received the necessary perks listed in the contract and more. <-- is this their way of making up that they haven't paid him the correct dividend?

Just because the hospital exists doesn't mean the financial investment is secure.  The are many scams out there claiming to give people shares in hotel rooms (in real hotels) or car-park shares (in real car parks) but they are mostly scams that start off paying the promised divi and then, er, stop. And the 'investor' finds that they never really had any money in that hotel or car park, they were just lied to about it.

So the issue is not whether there is a building but what is the organisation that ran the investment scheme.  From the info you've given so far there's no clue as to who this is.

But, from the info you given, there is clearly some correspondence/paperwork about it so if you could post some detail about that - who the letters are from, what the firm is called etc, what the contract says.  It may be completely legit, but it might not be.  And the only way to tell is to give some info on who is running the scheme.  

ETA - basically, if he thinks the divi being paid is wrong, or it's not being paid at all now, then alarm bells should be ringing!  He's either wrong about what he should get.  Or he's being (been) scammed.

Is it still a scam scheme if he's receiving perks and more that he said are listed in the paperwork?

Ponzi-type scams always make good on their promises to investors for a while... and then they don't. So the fact that he's still getting shareholder perks (which may or may not add up to a lot of value) doesn't prove that it's legitimate. If he thinks he's owed cold hard cash (whether in the form of dividends, interest payments or return of capital) and isn't receiving it then I'd be a lot more concerned about that than whether he still gets tickets to the Christmas party. (I hope it's a very good party)

You also have to understand that even if it's not a scam, his entire life savings are still tied up in a single, presumably small and unlisted, company in another country in a business that he doesn't seem to understand very well. Even if the people behind the investment are 100% honest, he could still very easily lose most or all of his money, or find out that he is unable to sell his shares or withdraw his own money at a time of his own choosing.

Ultimately though, if you don't know what he's invested in, nobody in here can give you much useful advice. And if he won't talk to you about his investments, you wouldn't be able to help him much with that advice anyway. So there's little anyone can do.

The only advice I can give you that is sure to be accurate is that if you have plans for later life that depend on you receiving a share of this investment when your grandad passes on, you definitely need a backup plan for what you'll do if it turns out to be worthless, or worth much less than you were expecting. 

sheramber

Does your grandfather live in UK?

jimjames

SeeJayJensen said:

If he does get his initial money out, what can he do with it? He likes earning money so he's probably going to do something about it (but not putting it in the bank because he doesn't like banks (IDK why; he's skeptical about them I guess)). Get an agency then put it in the stock market? Or invest it in somewhere stable like food, restaurant?

Before you even worry about what to do with the money I'd make sure you have it safely in yours/his bank account. Whatever he does the money will have to be paid back into a bank account.
If it was overseas then there is also the possibility that the exchange rate has gone against him and even if not a scam it could be worth less when converted to sterling.
Is it in India or Turkey?

SeeJayJensen

I'm really sorry, I can't give any more information as I, as I have said, haven't seen or touched the paperwork. I'd really like to give all the information but my hands are tied. Despite what you guys are saying, you guys gave me good advice and tips. 

@Zanderman I'm a night owl. 
@jimjames I don't know which country exactly. I just know it's not here.
@Aretnap Thanks! (they told me it's a boring party but the food is always delicious and the giveaways are very useful like calendars and umbrellas)
@JamesRobinson48 I know that inheritance differs in the jurisdictions. I just wanted to know what I can know just in case something happens. 
@sheramber Honestly, I don't know. I just know he's not here.  I guess because of the travel restrictions. He usually tells us he's here when he's here.