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UK expats defeat Spanish bank
| Published: | 23 Jun at 6 PM |
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After a six-year legal battle, a Spanish bank, which rejected the idea of returning the off-plan deposits of 47 UK expats who invested in an unsuccessful local property development, will now have to repay €1.5 million.
Known jointly as the Finca Parcs Action Group, the British expats each shelled out between €10,000-70-000 worth of deposits for off-plan properties on a 'luxury development' close to Murcia. However, the developer disappeared while Caja de Ahorros del Mediterraneo (CAM), Spain's fourth largest savings bank, decided to retain their downpayments.
Keith Rule has led the group and struggled for the reimbursement of his €53,000, said that Spain had alienated for far too long the people who once helped the nation prosper. The Spanish Government needs to learn key lessons from this case, he announced.
If cases like these are dealt with in a speedy and fair manner, then perhaps the victims of malpractice and negligence may have the confidence to once again invest in property in Spain, said Rule. This is what Spain desires and desperately needs, he added.
The only financial entity in the project was CAM bank, which was also responsible for accepting the off-plan deposits, financing the development, and issuing the corresponding bank guarantee certificates to buyers.
Known jointly as the Finca Parcs Action Group, the British expats each shelled out between €10,000-70-000 worth of deposits for off-plan properties on a 'luxury development' close to Murcia. However, the developer disappeared while Caja de Ahorros del Mediterraneo (CAM), Spain's fourth largest savings bank, decided to retain their downpayments.
Keith Rule has led the group and struggled for the reimbursement of his €53,000, said that Spain had alienated for far too long the people who once helped the nation prosper. The Spanish Government needs to learn key lessons from this case, he announced.
If cases like these are dealt with in a speedy and fair manner, then perhaps the victims of malpractice and negligence may have the confidence to once again invest in property in Spain, said Rule. This is what Spain desires and desperately needs, he added.
The only financial entity in the project was CAM bank, which was also responsible for accepting the off-plan deposits, financing the development, and issuing the corresponding bank guarantee certificates to buyers.
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