WHO ARE WE / WHAT WE DO
We are a proactive unified group of over two hundred private individuals who collectively invested tens of millions of Euros in the failed Sambala Development Project in Cape Verde.
Our Mission
Our objective is simple: to secure the highest possible cash return to ALL creditors of Sambala Investimentos S.A.
Achieving that objective on “paper” is relatively simple because the realistic realisable value of the Sambala land assets provides a 500% coverage of total secured creditor debts and which, unusually, enables an eventual cash return to ALL unsecured creditors in excess of 50% of their credit claim value.
Achieving that objective in “reality” is far more complex and requires a dedicated full-time coordination team, ongoing day-to-day expert legal representation and the strategic support of specialist commercial advisors. Particularly so when the vast majority of those valuable land assets were extracted from Sambala Investimentos S.A before it collapsed under the weight of its debts in a series of “bad faith” transactions to related parties for less than 0.1% of fair value.
However in the last three years we have made meaningful tangible progress toward that objective . We have also gained confidence in the Cape Verdean courts and the rule of law in Cape Verde. Whilst we are under no illusion that there is still a long journey ahead toward crystallising that objective we are confident that both justice and substantive value will eventually be returned to all innocent parties.
Our Progress
In 2017 we undertook a detailed evaluation of all available legal and commercial options which could provide compensation to investors.
In 2018 we initiated the first Insolvency Application in Cape Verdean legal history and for two years ensured expert legal representation at every subsequent procedural matter.
In 2020 we obtained a successful determination from the Court and Sambala Investimentos S.A was placed into formal Insolvency and as part of her ruling the Judge ruled that the valuable land assets had been sold for insignificant value which prejudiced creditors.
In 2021 we received confirmation that the formal “clawback” of those valuable land assets by the Insolvency Receiver had progressed.
We are now focussed on the development of a detailed Insolvency Plan which will set out all required actions and processes to be undertaken to maximise the sales value of assets to provide the highest possible return to ALL creditors.
That Insolvency Plan will be subject to a vote by all creditors after the Court of Appeal has issued their decision on the appeal against insolvency lodged by Sambala Investimentos S.A.
We have organised ourselves into a coordinated group of 232 credit claimants, with total claims in excess of Euro 68 million and over 70% of votes
We receive expert legal representation both collectively and individually from Costa Cunha Gonçalves & Associados, Praia (Cape Verde) in association with Miranda & Associados, Lisbon. We have a dedicated team of five specialist lawyers supervised by a Senior Partner as well as the ability to obtain immediate in-house expertise from other Miranda legal departments.
We have a dedicated team of experienced professionals who manage and co-ordinate all related workstreams on behalf of our Group; legal, commercial, practical and tactical. This team also provides regular communications and has an intimate knowledge of all Sambala related matters.
We have a pro-bono commercial advisory board made up of company restructuring specialists, veteran developers and international property who evaluate and advise
We obtain strategic advice on maximising asset values from two global tourism development brokers with considerable experience in project transactions in West Africa and Cape Verde..
Our Stories
““I invested over Euro 200,000 between 2008 and 2009 in the purchase of an off-plan Villa in the Sambala Development Project and in accordance with the terms of my Promissory Contract and various other “schemes” devised by Sambala Investimentos to incentivise me to make further advance payments.
I received nothing in return from Sambala other than some cgi images of what they ‘contracted’ to build me. I always believed that this investment was safe and protected no matter how delayed the project because Sambala Investimentos S.A was the largest landowner in Cape Verde and had repeatedly confirmed to me these were bankable assets.
In 2016 I began a traumatic period of depression when I learned that the person who had induced me to make those payments to Sambala had actually syphoned off that massive parcel of land to themselves for peanuts and in what was basically a sham transaction.
I was of course angry but mainly felt stupid and foolish. I kept this dark secret to myself and never told my wife as we really could not afford to lose that money. I was desperate and felt isolated and alone. Quite simply i had no idea about how I could resolve a problem like this in an African country?
In 2017 I was contacted by other private investors who were determined to do something to resolve this terrible predicament. Slowly but surely that group of private individuals grew, communicated regularly and most importantly got organised.
Fast forward four years and I am now part of a well organised group who have all suffered from the same disastrous decision to buy a property from Sambala over a decade ago. I never imagined that by coming together we could organise a successful legal action and which has every chance of eventually returning me some money and some justice in coming years!
I am a small but supportive cog in this endeavour and forever grateful.
”