According to the Tropical American Tree Farms , they are one of the largest teak farms in the country. The company sells small teak trees to their investors, giving them certificates of ownership of the trees, and they would grow these trees to be harvested for lumber after several years. They were promised that their investment of around $3,000 – $4,500 investment would turn to $30,000 – $60,000 over the years.
The company is now under fire from multiple ends, as these investors are asking where the returns of their investments are.
Dozens of dismayed investors who purchased trees from the company are ranting in online forums and are looking into legal means to get their profits from their investments, which seemed like a profitable and eco-friendly venture years ago.
And this is not the only issue that TATF has to answer to. TATF has one of the largest delinquent payments to the Caja Costarricense de Seguro Social, the country’s social security system. The company has failed to pay around ₡674 million, equivalent to $1.4 million for their employees’ insurance over the last couple of years.
The company was run and owned by Steve Brunner, who died last March due to cancer, further fanning the flames of concern and alarm of investors. Calls and emails regarding these discrepancies continue to be unanswered.
Find the website for Tropical American Tree Farms here, website
If you have comments on this please email [email protected]
1 comment
Back in 2007 when we began the purchase of our land we were approached by a new friend who helped us with many things. This person did a real good job of assisting us, her connections also helped us deal with the scamming so called realtor/land owner we purchased 5 acres from. But she did pitch a deal to us about teak farming. The investment was for 40K, had something to do with us getting our residency too. It was all about the future. We refused that deal. Glad i did.