We now have a firm date for the apeal hearing of the 28th January 2015. The hearing will probably last two days and a decision will hopefully be within two months.
Just to reiterate the findings of the October court case:
The FCA’s complaints (insofar as it concerns the African Land scheme) has changed considerably since the FCA launched these proceeding without ever having been to the Farm.
At the July hearing, the FCA’s case against African Land, was, in effect, presented as a fraud case where the Farm and its operation was a mirage. It was alleged that the scheme was not being operated in accordance with the way in which it was marketed to investors (i.e. separate harvesting of investor plots) and the underlying implication and tone of the FCA’s case was that the scheme was a sham.
The African Land scheme has now been found to be a legitimate business: it is a genuine, large-scale farm, operated in accordance with the way in which it was marketed to investors. African Land’s case has been overwhelmingly accepted with the Judge accepting the evidence of its directors. The FCA’s factual evidence was rejected and many of their witnesses were discredited.
Three accusations were made by the FCA:
1. Individual investor acres were not separated – This was proved to be wrong
2. Individual investment returns were pooled – This was also proved to be wrong.
3. The investment was “managed as a whole” - and it was on this legal point that the Judge found in favour of the FCA. As a result the Court has ruled that Yoni Farm is a CIS.
African Land is confident that its appeal will succeed.
In the meantime Yoni Farm remains operational. Pending the appeal, African Land have agreed, at the request of the FCA, not to make any returns to investors either from rice harvests or land redemptions.
The Ebola epidemic in Sierra Leone is very worrying, African Land donated preventative supplies of hand washing stations and chlorine to the locals, but despite this there has still been a suspected case in Yoni village. The ill person was taken to Bo and the family involved and their house quarantined.
As you may be aware the UK has sent a hospital ship along with troops to the country, however a World Health Organisation report produced on the 5th of November paints a very serious picture, with a worsening situation for Sierra Leone, where as there is an improving one for neighbouring Liberia and Guinea. http://apps.who.int/iris/bitstream/10665/137510/1/roadmapsitrep_5Nov14_eng.pdf?ua=1
Again, thank you for your continued support.
AFRICAN LAND LIMITED