A businessman linked to failed property schemes that left angry investors owed £40m has posed for a selfie photograph in a luxury car.
Peter McInnes,53, promoted companies PHD1 and North Point Global (NPG) in 2015. NPG was the parent company behind four major property schemes worth hundreds of millions of pounds.
PHD1 Construction Ltd entered liquidation in 2019 and owes creditors £7.893m. NPG was the company behind New Chinatown, Pall Mall, Baltic House and the Element.
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Buyers who invested in the schemes now claim they are owed a total of £40m. The ECHO has now seen a selfie type photograph that Mr McInnes posted to social media in March 2020.
In the photograph he is behind the wheel of a luxury car, wearing a Ralph Lauren top and expensive sunglasses. The photograph was taken in Dubai.
The Baltic House Development Company, now controlled by liquidators, owes creditors around £20m. The most recent report by Azets states that the property company owes investors £12,309, 392.
A spokesman for Baltic house buyers said: "There are over 200 investors who lost over £10m in Baltic House. Many of these investors have experienced life changing losses and associated stress.
"We are troubled by this photograph which shows Mr McInnes in what appears to be a Bentley. Our message to him is very simple; where is the money."
Mr McInnes said to the ECHO: "You can rent cars in Dubai of any type. The SFO ( Serious Fraud Office) did a full investigation and found no wrong doing."
Last year the Serious Fraud Office announced they had discontinued an investigation into suspected fraud at New Chinatown and Pall Mall due to 'insufficient evidence.'
In a statement issued at the time, it said: “The SFO, supported by the North West Regional Organised Crime Unit (NWROCU) as part of a Joint Investigation Team, has closed its investigation into suspected fraud at three property developments across Manchester and Liverpool.
“Following a three-year investigation, there was insufficient evidence to support a prosecution.
“The SFO and NWROCU will continue to assist other partner agencies with ongoing investigations.”
Mr McInnes spoke to the media on behalf of NPG during 2015 when many of the schemes were going through the planning process.
The south Liverpool businessman was particularly effusive about the potential of the New Chinatown scheme.
Speaking to the ECHO in December 2015 Mr McInnes said: "This is potentially one of the most exciting and original developments being delivered in the UK today. It has caught the imagination of everyone from local politicians, investors, the UK Government and the community.
"New Chinatown will be creating a city within a city, and we see enormous potential for additional phases and creating a destination of international scale and appeal.”
Investors in the New Chinatown scheme claim they are owed around £6m. Buyers in North Point Pall are owed £18m and investors in the Element scheme near Old Trafford in Manchester are owed £6,279,378.94.
Liverpool based Samuel Beilin and Partners Crisis and Risk Group then released a statement defending the role of Mr McInnes in the failed property schemes.
The statement, released to the ECHO: read: "The success of the fractional off-plan model or indeed any property development depends on public confidence in the developer. Without this the developer quickly loses the support of funders, suppliers, consultants and employees and their developments will fail.
"Both North Point Global and Peter McInnes were subjected to one-sided, disproportionate and unbalanced reporting by the media and their demise therefore became the ultimate self -fulfilling prophecy.
"Every person or company subjected to such media bias will suffer the same outcome and a free and unfettered press should present fair and balanced reports which clearly give both sides of the argument in equal measures especially when there is an ongoing criminal investigation."
