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Finca Parks action group case in court May

Source: Finca Park Action Group : Press Release - Wed 1st Feb 2012
Finca Parks action group case in court May

A trial has been scheduled between 21st to 24th of May against property developer Cleyton GES SL and Caja de Ahorros del Mediterráneo on behalf of the Finca Parks action group.

The 47 group members paid their Off-Plan deposits totalling 1.5 million Euros for properties at the Las Higuericas development, located between Albacete and Murcia, to CAM Bank accounts opened by the developer Cleyton GES SL.

None of the group members received the legally required Bank Guarantees Bank Guarantees in accordance with Spanish Law, LEY 57/1968.

Despite marketing the development for 5 years as a self contained sports and leisure resort, the developer abandoned the site in May 2009 stating that the project was ‘financially unviable'. The site was abandoned with the 50 of the total 617 properties being completed, yet still with too many defects to be issued with their Cedula by the local Ayuntamiento.

Caja de Ahorros del Mediterráneo (CAM Bank), the bank recently purchased by Banco Sabadell for One Euro and described by Banco de España Governor, Miguel Angel Fernández Ordoñez at a Press Conference in September 2011 as the ‘WORST OF THE WORST' are the co-defendants in the case.

CAM, the Bank that accepted the off-plan deposits was also contracted by the developer to issue the corresponding Bank Guarantees.

For further details see

Comment on this Story

News todays states that the former head of CAM is trying to claim 10 Mln in Compensation for unfair dismissal. It speaks volumes that her case has actually got as far as getting to court, whilst everyone else's problems are being swept under the carpet !
C Timpson - Sat, 25th Feb 2012
If the Courts do not enforce the law relating to bank guarantees then they undermine the very basics of the Spanish State and other Laws can be ignored with impunity by the State’ institutions This in turn will undermine the Institutions and the Spanish economy as foreign investors and businesses will take note that the Laws of Spain are ignored by its Courts and institutions: so why make Laws at all!! And the Spanish economy will suffer….why do business with a State and its Institutions and businesses where the Institutions ignore the Law!!! The Bank of Spain should act now and enforce a settlement-it would make great PR! This is the EU and all its citizens have the same ultimate rights-if they do business in an EU State then they should be protected by that State in accordance with that State’s Laws and EU Laws All the major World economies watch to see if Spain enforces its Laws and perhaps even the security of its Banks rest on how severely the Spanish Courts enforce Spanish Law
Brian Rowlands - Mon, 6th Feb 2012

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