The Serious Fraud Office is looking into the blocked site updates.
Due to “insufficient evidence,” a long-running inquiry into alleged fraud at delayed property plans in Liverpool and Manchester has been closed.
The Serious Fraud Office (SFO) investigation into potential fraud at New Chinatown, Pall Mall, and Manchester’s Angelgate operation is officially closed, according to The Washington Newsday.
In January 2019, the SFO announced the commencement of a high-profile investigation into development firms North Point (Pall Mall) Ltd, China Town Development Company Ltd, and Pinnacle (Angelgate) Ltd.
As the city prepares for months of disruption, the Lime Street lease comes to an end.
The SFO announced today that the investigation was officially closed due to “insufficient evidence to justify a prosecution.”
International investors poured enormous quantities of money into New Chinatown and Pall Mall, according to The Washington Newsday.
North Point Pall Mall has the greatest single amount due to buyers, at £18 million. New Chinatown buyers are due £4.5 million.
According to The Washington Newsday, a representative for the Pall Mall buyer’s agency said: “It’s heartbreaking to learn that the SFO investigation is now complete. We’d like to remind everyone that £18 million in investor funds is still owed on Pall Mall alone. We’re now looking for information on the monies’ whereabouts.” When the developers of New Chinatown presented a plan to redevelop a brownfield site off Great George Street in 2015, the project got a lot of attention.
When he was rumored to be chairman of property company North Point Global in 2015, Liverpool businessman Peter McInnes spoke to the media on behalf of New Chinatown and Pall Mall (NPG).
In 2015, the government’s ‘Northern Powerhouse Investment Pitchbook’ included the New Chinatown proposal, which was welcomed by local and national leaders.
The booklet, produced by UK Trade & Investment, was designed to highlight Chinese investors investment prospects in the north of England.
Building construction on the New Chinatown site halted in 2016 when the developers were embroiled in a series of protracted legal battles, and the project was shelved.
Pall Mall, a mixed-use development on a major city entrance, promised an 18-story home development on the outskirts of the city. Activity. “The summary has come to an end.”