JIM and Sarbjit Singh lost their life savings after investing $132,000 in a development project run by failed Reserve Concierge
JIM and Sarbjit Singh lost their life savings after investing $132,000 in a development project run by failed Reserve Concierge

Couple lose life savings

By MADELEINE DOHERTY

JIM and Sarbjit Singh thought they were set for life when they invested their life savings in a development project.

Almost four years later the Billinudgel couple are still fighting to get their $132,000 back after they company they trusted went under.

Making matters worse for the couple, this week Wayne Yeo of Currumbin, one the directors of the failed company, applied to have an Apprehended Violence Order (AVO) taken out against Mr Singh.

Outside the Tweed Heads Court Mr Singh, who is fighting the AVO, said he just wanted his money back.

Mr Singh said he had telephoned Mr Yeo, a director of the failed Reserve Concierge Company.

"But every time I ring Mr Yeo, he hangs up," Mr Singh said.

The Singhs' solicitor sent Mr Yeo a letter of demand, but it was ignored.

The Daily News contacted Wayne Yeo's home in Currumbin, but did not get a response.

A woman at Mr Yeo's home said Mr Yeo was not available and he did not want to discuss what had happened to the retirement village project.

In 2003 Mr Singh's wife, Sabjit, was working in Byron Bay when she was approached by another work mate about an investment opportunity in a proposed $8 million retirement village project at Coomera on the Gold Coast.

Reserve Concierge Pty Ltd was registered with the Australian and Securities Investment Commission in February 2003 but went belly-up in October 2004.

Mr Singh became suspicious in late-2003 and contacted the Gold Coast City Council to inquire about the development application for the retirement village only to be told it had lapsed some time ago.

Investors met in Brisbane and appointed a receiver in an effort to recoup their money.

But with two banks also wanting their money back, it soon became evident it was a lost cause.

An investor, who declined to be named, said he lost all his money.

"What's the point of all the stress. You invest in a high risk scheme, you get screwed and learn not to do it again," he said.

But the Singhs refuse to give up and in court this week Mr Singh asked Mr Yeo if he would go to mediation, but Mr Yeo declined mediation and proceeded with his application for an AVO.

The AVO hearing is set for later this month and if Mr Yeo is successful Mr Singh may find he can only approach Mr Yeo via a solicitor ? something he cannot afford.



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