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Spain Real Estate News

What's really happening in the real estate world in Spain? The EOS Team are going to be keeping you up to date with everything that's happening from a market perspective.

OVP directors ordered before Spanish courts
07 February 2012 @ 10:33

A YOXALL businessman looks set to be called to appear before courts in Spain over an alleged multi-million pound overseas property scam.

A subpoena is set to be served for Colin Thomas, of Town Hill, to appear in Madrid as a class action lawsuit against Spanish developer Ricardo Miranda Miret continues to rumble on in an effort to recover money on behalf of dozens of Ocean View Properties (OVP) victims.

The criminal claim for fraud and misappropriation of funds was lodged in a Madrid court last year and included Mr Thomas and other directors of his firm.

The prosecuting lawyer is seeking more than £6.5 million in damages for 70 claimants.

The firm took deposits worth around £80,000 each from British investors, but much of the cash disappeared as the homes failed to materialise, it is alleged.

Antonio Flores, the Spanish prosecuting lawyer from Marbella-based firm Lawbird, said: “We have requested that Colin Thomas specifically is summoned and quizzed.

Read the full story at burtonmail.co.uk



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