‘Farmers’ investment firm on verge of going bust’

Investment fund Phanos, in which hundreds of farmers and other investors have put €51m, is on the verge of collapse, the Telegraaf reports on Friday, quoting inside sources.

Farming organisation LTO had recommended farmers put their pension savings into Phanos, the paper says, but now only €8m of their investment remains.
Most of the money has been eaten up by a loss-making luxury holiday home development in Drenthe.
The paper says LTO admits it was paid to ‘bring the fund to the attention of its members’.

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