McGrath defends role with real estate firm

When the chips are down, Australians'' support you, says McGrathSydney, Nov 15: Former Australian cricketer Glenn McGrath has defended his role with a real estate firm that lured investors with allegedly misleading returns, where some investors have claimed that the returns have not eventuated and in others went backwards.

McGrath said that he felt for those families experiencing financial difficulty, but added that investors who had lost money with Real Estate Investors Network (REIN) had never approached him personally.

“In dealing with the company, I have always found them to be a very professional operation, to the point that I have made a number of personal investment decisions based on their advice. I''m now the proud owner of a number of properties recommended by REIN,” The Daily Telegraph quoted McGrath, as saying.

“As to the day-to-day business dealings of REIN, I''m not privy to that information, although I can tell you that I''ve never been contacted personally by anyone who has had a bad experience with the company and, indeed, all of the REIN customers I have spoken to have been very happy,” he added.

In a particular case, Marta and Oscar Troche invested 770,000-dollar in two new units in 2003, which REIN projected would be worth 1 million dollars in five years.

Instead, the Troches struggled to meet loan repayments and expenses for five years before selling at a 300,000-dollar loss last year.

Real estate crusader Neil Jenman took up their case and helped negotiate an agreement for REIN to help mitigate the loss. The company later agreed to pay the couple 4,000 dollars in monthly assistance. (ANI)

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