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06 Mar 2009 00:00 by Neil&Claire Star rating. 32 forum posts Send private message

Hi

I was sent this article from a local Spanish news paper ' Round Town News', has anyone else seen it or have further detail, this could be why things are apparently slowing up on the resort as well as the current economic climate

 

“Polaris World” cannot pay its debts
Polaris World, a company that promotes, develops and builds holiday resorts, should have paid 20 million euros to the town halls of Torre Pacheco and Alhama de Murcia but it has not been able to do so. The payment has been delayed for one year, based on a guarantee from the saving banks that have traditionally financed the mega-projects in Murcia. The Mayor of Torre Pacheco, Daniel Garcia Madrid (PP) and Facundo Armero, one of the founders and up to recently principal shareholder in the company, have been under investigation for two years.




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06 Mar 2009 12:31 by danseex Star rating in Los Naranjos J4 n253. 652 forum posts Send private message

06 Mar 2009 13:13 by Anthony100 Star rating in UK. 130 forum posts Send private message

how old is the news as i have not heared that one before now



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06 Mar 2009 13:24 by Billbo Star rating in Hartlepool & Jardine.... 654 forum posts Send private message

Very old news - 6 months at least.

 

Regards,

 



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Will

( & Jackie if it's not controversial !! ).



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06 Mar 2009 14:36 by afarrellg Star rating. 21 forum posts Send private message

I haven't heard this before either. A bit worrying.




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06 Mar 2009 15:01 by Jann Star rating in Merseyside and Jardi.... 802 forum posts Send private message

I think this is from before summer and shortly before Jose Hernandez went to provide information about PW to an enquiry- he didnt go to the Liverpool Polaris  evening at the Radisson Hotel as a result.. I think Garcia and Facundo have since been disassociated from PW. There was a fair amount of information about a land deal at Mar Menor if I recall.

Neill and Clair when you refer  to things slowing down at CdA do you mean in relation to Mirador or something else? They just hadnt sold enough Mirador properties to warrant starting the build.apparentley.



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Jan



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06 Mar 2009 16:13 by Neil&Claire Star rating. 32 forum posts Send private message

 

Apologies if it is old news to some, but obviously not to the media as they only published the article on 26th February 2009

Jann- I was referring to some comments made in a previous thread where it was noted that the number of workmen seemed to have reduced recently




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06 Mar 2009 16:23 by Anthony100 Star rating in UK. 130 forum posts Send private message

If work is coming to an end then you would expect numbers of workmen to be reduced which is a good thing.

failure of a project of this size would be a major embarressment to several big names including the Spanish authorities 

We have to trust the money men to get it right at Polaris World and not get sucked in by the media negativity.  



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Love being in Spain



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06 Mar 2009 16:31 by ptan Star rating in Los Naranjos Jardine.... 1696 forum posts Send private message

06 Mar 2009 17:16 by rockstarphotograph Star rating. 221 forum posts Send private message

rockstarphotograph´s avatar

We have just returned from Condado after a 3  night stay.

In the whole time we were there, we only saw a couple of workers planting a few shrubs in the area at the back of the Jardines.

Apart from the Foro, nothing at all has changed since we were last there at the beginning of December!

 

Chris and Alison




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06 Mar 2009 17:53 by ajw Star rating in Aberdeen. 1088 forum posts Send private message

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The article is pretty old - middle of last year.  It turned out that the 'cannot pay' the local council was simply a case of the council acknowledging the economic climate and agreeing to allow PW more time to pay if required.  I don't think there was much by way of panic or friction about it.  Thankfully.



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