Finca Parcs Bank Guarantees and Refunds

An official company statement will be issued on Monday 21st September 2009. The notification will give full details of the procedure that must be taken in order for clients to apply for a full refund of monies paid in relation to reservations of property situated on Las Higuericas Finca Parcs.  This procedure will apply also to clients who are still awaiting Bank Guarantees, these clients will receive full refund facilities.

Administration Department

Las Higuericas Finca Parcs

LATEST STATEMENT AND CONTACT DETAILS CAN BE FOUND ON THE FINCA PARCS COMMUNITY FORUM

I do not know if it is because of this new availability by Cleyton Ges-CAM or becuase we already won a case against the Bank when executing guarantees in this development, but things seem to be changing as CAM used to go to Courts before adn now it seems they are willing to refund out of Court.

Let´s hope the best! Let´s hope things are progresing for better!

PLEASE NOTE THAT PROVISION WILL BE MADE FOR ALL CLIENTS WITHOUT BANK GUARANTEES TO RECEIVE A FULL REFUND.  PLEASE REFER TO POSTING ON FINCA  PARCS COMMUNITY FORUM FOR FURTHER INFORMATION.

Good news today i have received a refund of my initial deposit transfered straight into my cam bank account, its taken a couple of months to get.  My second stage payment was not covered by a bank guarantee but i have been assured that it will be covered by a new system being put in place by the developer and will eventually get a full refund plus interest.  Waiting with baited breath to learn what this new system will be.

Ana is no longer answering the Finca Parcs Refunds mobile number.

The phone is now answered by a gentleman who gave his name to me as Max Kite.  He said that he has been employed by Cleyton GES to collate "a list of all Finca Parcs clients who are willing to accept a full refund of deposit paid with the addition of 6% interest"  Max said that in order to move onto the next stage of the refunds process they need to complete the full list of all clients willing to accept a refund as soon as possible.

So please call Max directly on 0034 686 767 921 and register your details as soon as possible.

Alternatively if you have a Legal Representative please ask them to contact Max as soon as possible to register your details.

Not sure what happened to the Official Communication that was being translated from Spanish to English for release at the end of last week..................

We obtained a spanish version of the plan and a copy of a Bank Guarantee similar to the one that is going to be proposed to clients. It seems HSBC and another Arab bank will be backing the operation but... at least to my knowledge... nothing confirmed.

ALL CLIENTS THAT HAVE REGISTERED WITH FINCA PARCS REFUNDS WILL RECEIVE INDIVIDUAL PRIVATE NOTIFICATIONS RELATING TO THEIR SITUATION TRANSLATED INTO THE RELEVANT LANGUAGE DURING THIS COMING WEEK.

Legal tip 166. No Bank Guarantee?: action against the Bank
20 October 2009 @ 08:41

 

I had had a legal instinct for this since I started working in this type of cases , and have been trying to see, and to see, and to see and I finally saw:

If the Promoter opened a special account where they deposited the amount of your purchase off plan and the Bank did not give bank guarantees or checked out that those guarantees ( also possible through Insurance contract) existed,THE BANK IS RESPONSIBLE  in accordance to provision 1.2 of said Act  for the devolution of handed amounts plus legal interests if the works are not started or completed on time.


A great solution for many purchasers who lacks Bank Guarantee and a way to start building up a  more risponsable financial system! It is about time to this.

www.costaluzlawyers.es

Madrid, November by Martius at Flickr.com

Maria,

I will be very grateful if you can look at my new thread regarding the CAM bank not paying interest on the Finca Parcs forum please.

Many thanks,

Jeff

Jeff

You are very lucky to have Bank Guarantees on Phases 3 and 4.  We have purchased on Phase 4 and do not have the legally required Bank Guarantees.  When we took this matter up with CAM in July 2008 they stated in writing to us that we had purchased on a Phase that was not being funded by CAM.

CAM were the sole financial entity funding Las Higuericas Finca Parcs.  It is very strange how CAM can say they are not funding a particular Phase on which they have issued several Bank Guarantees!!

Furthermore in all the promotional material and advertising for Las Higuericas Finca Parcs, including a full page advert in the Easyjet Magazine, the CAM name and Logo were used to entice buyers to the development.  All the adverts clearly stated that a Bank Guarantee was included.  Nowhere did it state that Bank Guarantees would only be issued on Phases 1 & 2.

According to Spanish Law, in particular, LEY 57/68 it is a legal requirement for CAM to pay interest on the amounts covered by the Bank Guarantees.

Here is the relevant clause of LEY 57 / 1968

Primera - Garantizar la devolucion de las cantidades entregadas mas el seis por ciento de interes anual, mediante contrato de seguro otorgado con Entidad aseguradora inscrita y autorizada en el Registro de la Subdireccion General de Seguros o por aval solidario prestado por Entidad inscrita en el Registro de Bancos y Banqueros, o Caja de Ahorros, para el caso de que la construccion no se inicie o no llegue a buen fin por cualquier causa en el plazo convenido.

First - To ensure the return of the payments made plus six percent annual interest, by means of Contract of Insurance granted with an Insurance Entity inscribed and authorized in the Record of the General Sub-department of Insurers or by means of a Bank Guarantee issued by an Entity inscribed in the Record of Banks and Bankers or Savings Banks, if the construction does not commence or complete for any reason by the agreed deadline.

I think your Lawyer should demand the addition of Legal Interest.

I am sure Maria will have a view on this.

Kind regards

Keith

Jeff 2:

I have just posted an answer there... like this one:

Interests are included, whatever they want it or not. If they refuse to pay them at the moment of the Bank Guarantee honouring, you will have a declarative action against the bank for this, with legal costs very likely to be imposed on them.

FINCA PARCS ACTION GROUP - NO BANK GUARANTEES

For almost 3 years I have been part of a group of 8 Finca Parcs purchasers who were never issued with the legally required Bank Guarantees from Cleyton GES/Finca Parcs and CAM Bank.  We reserved in November 2006 and have been chasing the developer and bank since that date.  During this time we have collected a huge amount of correspondence and evidence in this matter.

In the last 2 months our group has grown to 31 Finca Parcs purchasers with a total of 40 plots and we are adding new members each week.

I am co-ordinating the group and we have submitted all the required data to Max Kite at Finca Parcs Refunds.  Max Kite has been like a breath of fresh air and has replied to every email I have sent him on behalf of the group.  In 3 years of dealing with Cleyton GES we have never received such prompt responses to our communications.  Unfortunately, Max Kite is only employed by Cleyton GES solely for the collection and collation of data and as such his role is very limited.

As a group we have supported the refunds process by submitting the required data (copies of Sales Agreements and Bank Transfer Documents) and allowing Cleyton GES some time to carry out negotiations with the Arab Investment Group who we understand are interested in purchasing Cleyton GES/Finca Parcs for the value of the debts.  However, we now feel the Refunds Process is taking far longer than originally stated and we still have no tangible evidence to suggest that it will lead to a refund as promised.

In their last official communication issued on 9 November 2009, Cleyton GES stated:

“To date, we have collated approximately 95% of all of the documents necessary for us to calculate the precise figure for the new investment company.

Until we have a 100% of the documentation it is not going to be possible to give the exact completion date for each client but we are hopeful to be able to give all concerned a solid date by Christmas.

May we reiterate the urgency and utmost importance that the few outstanding clients contact us by internet or telephone to facilitate the transfer of documentation, so that we can bring closure to this complicated situation.”

Therefore to avoid Cleyton GES continuing to use the above as a reason for delay we would urge all Finca Parcs purchasers with or without Bank Guarantees to register with Max Kite at Finca Parcs Refunds either by telephone on: 0034 686767921 or by email to: refundsfincaparcs@hotmail.com

Purchasers with Bank Guarantees should then be able to execute their Bank Guarantee with CAM Bank.

However, as a group, all without the legally required Bank Guarantees, we are determined that justice must prevail and all innocent purchasers who were never issued with the legally required Bank Guarantees should receive a full refund together with the addition of legal interest.  This is a very serious and complex situation and therefore as a group we are unable to give a 100% guarantee of success to anyone, however you can be sure we will leave no stone unturned in the fight to uncover the truth and recover our deposits.

We have legal representation in this matter from Maria Luisa de Castro of Costaluz Lawyers and have secured a reduced level of legal fees due to the number of purchasers in our group.

Our legal team have studied the case together with a professor of Spanish Law and we are now ready to commence legal/criminal proceedings in this matter.

If you have NOT received the legally required Bank Guarantee from CAM Bank and Cleyton GES and would like to join our group then please send me a private message via EoS or send me an email with your name and plot number.

I will then reply with full details of our group and the information we require from you.

Kind regards


Keith
FINCA PARCS ACTION GROUP

Email:           fpag@btinternet.com
Mobile:          07956 375749
Intl:              0044 7956 375749

FINCA PARCS ACTION GROUP

Our FINCA PARCS ACTION GROUP now has 35 purchasers with 44 plots between us and we are adding new purchasers each week.

We are ready to commence legal / criminal action against CAM Bank and Cleyton GES.

If you are a Finca Parcs purchaser who has not received the legally required Bank Guarantees from CAM Bank and Cleyton GES please email us urgently.

By joining our action group you will benefit from much reduced legal fees based on the amount of our group claim.

Kind regards

Keith
FINCA PARCS ACTION GROUP

Email:           fpag@btinternet.com
Mobile:          07956 375749
Intl:              0044 7956 375749