Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money. In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

Jail Terms Demanded for Ex-CAM Directors
Wednesday, May 9, 2012 @ 5:25 PM

Jail terms demanded

The Bank of Spain has now placed the case of the Alicante Savings Bank CAM before the judiciary, commenting that the administrators appointed to run CAM after the Bank intervened should bring criminal charges against its former directors. A statement from the Bank voiced the opinion that the former directors Acted in their own self-interests and plundered the CAM. If a trial does take place, the accused could face between six months and four years in jail and fines of three times what they allegedly took if found guilty.

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2 Comments

Pilgrim said:
Wednesday, May 9, 2012 @ 9:12 PM

Punishing these thieves would certainly be a step in the right direction!!

Maybe others would not be so quick to line their pockets at other people´s expense if they realised the possible consequences?

Joan Soane said:
Wednesday, June 6, 2012 @ 4:21 PM

HI, I live near Torrevieja and my biggest client bought 66 houses off plan in Orihuela Costa from San Jose Inversiones. This has been a ten year nightmare. All his deposits went into Cam bank accounts and BBVA accounts. Needless to say we never received Bank Guarantees from either. Now, despite the admitted fact that my client has paid 76% of the contracted cost of these houses, the BBVA are going to court to execute an (admitted illegal) mortgage which they took out on the houses. We have had four corrupt companies of lawyers, now we have a legal team we trust. BUT there are nearly 1200 people who put down large deposits on San Jose unbuilt properties who cannot get their money back. All these huge deposits went into San Jose´s BBVA and Cam bank accounts. What can we do!!!
Joan Soane

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Keith - Finca Parcs Action Group
I am leading the FINCA PARCS ACTION GROUP in legal action against Cleyton GES SL and Caja de Ahorros del Mediterráneo (Banco CAM) for the return of our off plan deposit payments as we never received the legally required Bank Guarantees.