The foundation that took over management after the bankruptcy of Goodwood — under the same leadership that ruined the company.
What is the Amazon Teak Foundation?
The Amazon Teak Foundation (ATF) is a foundation that took over the management of the teak participations of the former Goodwood investors after the bankruptcy of Goodwood Investments B.V. ATF is responsible for providing participants with information about their investment (forestry reports, tax valuations, overviews for tax returns), taking care of administrative tasks, and overseeing the exploitation of the plantations by Floresteca S.A. in Brazil.
The same director, the same problems
The most striking aspect of ATF is that the foundation is led by the same person who also managed Goodwood: Mr. Eibergen Santhagens. This person was originally appointed as interim manager by Floresteca to “support” the sitting directors of Goodwood. Instead, all sitting board members were dismissed, and Santhagens himself took over the director position at no less than five entities: Goodwood Investments B.V., Goodwood Direct Marketing B.V., ATF, Foundation ATF, and Tectona.
This extreme concentration of power in one person — who manages the sales organization, the management office, as well as the trust organization — raises serious questions about conflicts of interest. How can someone who was partly responsible for the course of events at Goodwood now exercise independent supervision over the interests of those same investors?
The conversion offer — a Luxembourg fund
ATF, together with Baum Management S.à.r.l. in Luxembourg, has launched a plan to transfer the teak certificates and yield rights of investors into a Luxembourg fund. This would mean that investors surrender their direct rights to the harvest proceeds in exchange for an interest in a fund — without any say.
BFRG and its clients have unanimously rejected this offer. The Luxembourg fund is completely superfluous: the 20-year main harvests have already begun, and the proceeds can simply be paid out directly to the investors. In BFRG’s opinion, the fund only serves the interests of the managers, not those of the investors.
Defective provision of information
BFRG notes that ATF structurally falls short in its legal and contractual management duties. Investors systematically receive no or insufficient information about their investment. Essential questions about harvest proceeds, costs, financial flows, and the financial health of Floresteca S.A. are not answered or answered unsatisfactorily. The checks that ATF should carry out on the activities of Floresteca S.A. appear to be carried out inadequately or not at all.
Your position as an ATF participant
As an ATF participant, you have the right to full transparency about your investment and to the payout of your harvest proceeds. The fact that ATF does not fulfill these obligations is no reason to give up your rights. On the contrary: it is precisely a reason to take legal action.
By participating in the mass claim of Foundation BFRG, you can recover your investment losses from the responsible directors. We do not accept that your money disappears into opaque structures while the same individuals continue to pull the strings.
Attention!
This is the last opportunity for the time being to register as a defrauded claimant for the damage claim procedure to recover your damages via this upcoming legal procedure.
Bureau Fraude Recht & Geldzaken B.V. receives the registration forms from our Foundation and will contact you by telephone to discuss all the ins and outs with you. Register now while you still can!
