Harmony Bay is a luxury Spa resort and hotel situated in Akbuk Turkey.
This venture offered investors the opportunity to buy a slice of Turkey’s tourism boom, which at the time the project started, was a rapidly expanding economy, making the promised high returns seem very achievable.
Unfortunately, this boom hit a massive decline, due to the exceptional events that affected the region during that time such as, terror related attacks, a military coup and Turkey’s proximity to the conflict in Syria.
This all affected travel and tourism to Turkey and naturally this and other investments suffered too.
It’s easy to see why these types of investment are classed as high risk and only suitable for certain investors. Whilst the potential for high returns is there, so is the gamble of big losses and as Harmony Bay proves, due to unforeseen circumstances beyond control.
These investments are also unregulated meaning no protection from the FCA should things go wrong.
If you think you’ve been mis-sold your pension or the investments in your SIPP, you’d be wise to get it checked out as soon as possible. Using a free check like the one we offer, is a good way to find out if you have a case and what to do if you have.
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