Over the past few months, Singapore newspapers have covered several suspicious property investment scams. One of them, Ecohouse, involved building low cost housing in Brazil. News reports claim that up to $50 million was invested by persons from many different countries in the project. Now however, with many creditors of the company not being paid, audit firm PwC have been appointed as liquidators in the United Kingdom.
The hopes of recovering investors' money is small as legal and liquidation expenses are likely to be large, and at the same time, it is unclear exactly what assets are held by the ccompany.
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