North Point Global – Statement

For Immediate Release

Over the course of the last four months the Directors of North Point Global Group have been working with their advisors to consider the best way to complete the delivery of their residential development portfolio for their Buyer clients.

North Point Global Group has unfortunately been severely damaged by a series of events that have been neither their responsibility nor within their control. This has included amongst other things unsubstantiated allegations of criminality against Peter McInnes , who was the Founder of the Group and who has an extant Promote Agreement , unproven allegations of fraud against the Group’s selling agent in the Far East , Hong Kong Homes, in relation to other completely unconnected developers and the insolvency of two firms of building contractors . Additionally the Group was wholly misled by Your Housing Group in respect of a proposed sale of New Chinatown which had to be abandoned at considerable cost in March 2017 after five months of negotiation.

Throughout all of this the Liverpool Echo have frequently reported negatively and with considerable bias against the Group especially in relation to matters relating to Peter McInnes and have constantly and consistently published articles which contain factual errors and material omissions . It should not be forgotten that in his judgment in the now infamous Clarke POCA hearing HHJ Woolman stated “I am not making a finding that Mr. McInnes was a money launderer” but the Liverpool Echo have never once made this clear instead relying on slurs and innuendos all protected by legal privilege.

In fact so wide has the Liverpool Echo reporting been of reality that their reports have included other sites in Liverpool in which the Group has not and has never had any financial or business interest. The Liverpool Echo have been advised on numerous occasions that Peter McInnes is not and has not ever been a Director or Shareholder of the Group but despite publishing dozens of critical articles have never sought to define the separate business interests of the parties either due to ignorance or idleness.

Most recently the Group has had a troubled relationship with Liverpool City Council. After the sale of New Chinatown to Your Housing Group fell through the Council asked the Group to offer New Chinatown to the “open market.”This was because they were concerned that they originally under sold the site to the Group and also because they were active in the Far East at the same time as Peter McInnes in promoting Liverpool as an excellent place to invest in property thereby suggesting to Buyer clients that they were working in tandem. Unfortunately the Group was unable to accede to their request, mainly because an “off market” sale had already been agreed and the additional time that an “open market” sale would take would not benefit the Group or the Buyer clients in any way.

This has led to Liverpool City Council issuing a series of vitriolic and misleading press releases to the Liverpool Echo all timed to cause maximum damage to the Group. This included the Deputy Mayor, Councilor Anne O’Byrne, appearing on national television and stating that the Council had reported the Group to the National Crime Agency for unspecified criminal conduct. Not only have the Group never engaged in any criminal activity (and have written to the National Crime Agency accordingly) but they have made it very clear that they also have absolutely nothing to do with the allegations made against Peter McInnes which are in any event the subject of a formal complaint to the Independent Police Complaints Commission. The Chief Executive of Liverpool City Council, Ged Fitzgerald, has recently been arrested for Conspiracy to Pervert the Cause of Justice and it is ironic that the Council seek to make allegations of wrongdoing against the Group when they should be concentrating on putting their own house in order.

Most recently Liverpool City Council, having proposed and withdrawn a Compulsory Purchase Order, have issued proceedings against the Group in respect of New Chinatown and these will be dealt with in due course. In these proceedings the Council is seeking to forfeit the Group’s leasehold interest in Phases 1 and 2 of New Chinatown despite the fact that the Group has sold fifty six units on Phase 1 to Buyer clients with the full knowledge and support of the Council. The Council are suggesting that they will make sure the Buyer clients are “looked after” but how forfeiting their leases accords with them being “looked after” is really as yet unknown . For the avoidance of any doubt the Group has already paid considerable monies to Liverpool City Council for New Chinatown and the delay in payment has only become an issue now because it suits the Council in their unknown ambitions for the site.

For the avoidance of doubt the Group only ceased construction work on Phase 1 of Chinatown to ensure an orderly hand over to Your Housing Group and Liverpool City Council was a willing participant in this whole process. For all of the above reasons the Directors of the Group and their advisors consider that it would be wholly unrealistic to return to site on any of their projects as they consider that the North Point Global brand has become tainted and damaged

beyond salvage. Therefore the Group will seek to dispose of all of their property interests, return monies to Buyer clients and then cease operations. If this process cannot be concluded on a Private Treaty basis then the Group will seek to appoint insolvency practitioners as and where applicable but the intention will be to fully reimburse Buyer clients wherever possible and this process will be undertaken with absolute clarity and transparency. For this reason the Buyer clients will be asked to appoint a representative for each project to participate in the disposal process.

The Directors and their advisors are aware that their Buyer clients have written to numerous statutory and regulatory authorities, including Liverpool City Council, making allegations of a variety of wrong doing by the Group. The Group has only ever conducted its business in accordance with its contractual agreements with its Buyer clients who have at all times had legal representation. The damage caused by these allegations has again added to the inability of the Group to continue with the construction process as their relationship with their Buyer clients has irreparably broken down amongst a sea of unsubstantiated and unfounded allegations fuelled by both the Liverpool Echo and Liverpool City Council.

Over the course of the next fourteen days the Group will issue details of disposal plans for each of its specific projects.

A winding up petition has been issued by Bennett’s Cranes against one of the Group companies which do NOT hold any of the projects. This will in any event be dealt with in due course.

In view of the apparent involvement of the National Crime Agency the Group will not be making any further comment at this time.

Author: Danielle

Date: 2017/07/31

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