Mr Saad Boudemagh is suing Vitala group and Wolf Vierich for swindle and fraud.
It all started 2 years ago from now, on 26/10/2014, like 2 valid business projects. Saad Boudemagh, international tycoon, born in Algeria and living between Monaco, Miami, Algeria, Geneva and Paris, got acquainted with Wolf Vierich and Vitala Group, about a steel plant and a cattle farm to be built in Algeria
Little did he know that he should have run away from him, as this would cost him time and money !
Strangely enough, as off today, november 18th 2016, Wolf Vierich keeps showcasing the 2 projects on his Vitala scam website, and using them for advertising his supposed ” know how”. This although Mr Boudemagh has cancelled his contract with Vitala and is suing Wolf Vierich and his Vitala ripoff group in Algeria and England for scamming. And strangely enough, Wolf Vierich at the same time tries to slander Mr Saad Boudemagh on scam websites such as scam.com and ripoffreport.com ( those 2 websites propose to erase all the threads slandering you provided … you pay them a hefty sum…. this is just blackmail, frankly speaking).
A bit of a schizoid attitude for Big Bad Wolf Vierich conman !
13/11/2014: Big Bad Wolf Vierich visit confirmed in Algeria (20-25 / 11/14)
Well, let’s get back to scratch : on october 2014 Mr Boudemagh was working on 2 industrial projects in Algeria, one in the automotive industry and one in then food sector.
06/11/2014: Wolf Vierich and Vitala confirmed “their are interested in finding a financement for those 2 projects” «MAGHREB INOX STAINLESS STEEL PROJECT – FINANCING » and Ouargla cattle processing farm.
Vitala Group by big Bad Wolf Vierich conman scam strategy in progress.
This is when they first send to the Boudemagh Group the first email , where they state : “We never have worked in the past on unsuccessful, non feasible or non profitable projects “.
Well , just have a look at all the fake listed projects and at once you realise this is complete lie.
«We only come on site for a visit” do they add, “when all economical, financial, political and logistics aspects are positive, so as to prevent customers to invest money in advance”.
And best of all ” we do not charge any money in advance, nor expenses, nor hidden costs. we only charge a 5% commission on money raised thanks to our work, and customers accepts the loan. if customer does not accept the loan we ask nothing ” …
Seemed too good to be true ! Was too good to be true !
“we do not ask any personal guarantees to the customer” It goes on” and it is all under control of national banks checking for criminal money”
When asked by Saad Boudemagh whether Vitala group and Big Bad Wolf Vierich conman were going to provide a letter of intent, the answer was : ” yes after we have visited the site and we have accepted the project”.
When asked by Saad Boudemagh whether Vitala group and Big Bad Wolf Vierich conman can become partners or enter in joint venture, the answer was : “never. because this would cause a twisted situation where we would loose our independence” . and they insist ” we only take a 5% commission on the loans we successfully provide”.
20-25 / 11/2014: Big Bad Wolf Vierich on SITE EN RELIZANE (MAGHREB INOX PROJET) and OUARGLA (cattle farm)
It all looked perfect. So from 20 to 25th of november 2014, Saad Boudemagh Group organized a trip for Vitala Wolf Vierich conman on both sites, RELIZANE ( for MAGHREB INOX PROJET) and OUARGLA (cattle processing farm). At that point Saad Boudmagh’s group clearly states they have very strict deadlines that must be respected, and they have a feeling Vitala cannot comply. At that point Big Bad Wolf Vierich insisted in sying HE DOES WANT TO stay as a partner in the projects.
From On 12/01/2014, Vitala clearly knows that the Saad Boudemagh’s group needs the loan to be organized and delivers before june 2015. Still they accept the challenge, as they consider these are A-list projects.
This is when the tricks start ! Vitala insists that lenders would need better documentation and business plan. Big Bad Wolf Vierich explains only his team can provide this type of business plan… but of course he will charge the Saad Boudemagh Group for that. He also insists the anyway this will save time and money to the Saad Boudemagh Group, as anyway the documentation provided must be double-checked and approved by Vitala, which will also, Big Bad Wolf Vierich insists, will stand as a guarantee to the lenders.
Vitala issues its letter of intent on 09/12/2014 and contract is signed on 15/12 2014 for the steel plant and 23/12/2014 for the Ouargla cattle farm.
This is where the real scam starts. From the very minute, Big Bad Wolf Vierich keeps insisting on the facts that only documents approved but his team can be sent to lenders, because vitala group will stand as a backup guarantee. Then he says he will have to come very often onsite… in fact he only came once !