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saw news reports about the Mayor and town hall staff being arrested and investigated
amongst those arrested and on bail were the CEO of Valle Romano and 2 of his lawyers
has anyone heard anything from Valle Romano or Football Village about this ?
what will the impact be on the development if there are legal problems to sort out - is the development even legal ?
cheers
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This is the part of the article from typicallyspanish, that mentions Valle Romano
Among those to declare before the judge on Wednesday were Luis Fernando Linares from the real estate promoter Valle Romano, who was given 72 hours to find 500,000 € bail, while two lawyers linked to the promoter, Armando Pérez and Daniel Delgado, were granted 100,000 € bail. The three are accused of fraud and the misuse of funds, and the lawyers also of influence peddling.
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Hi, Ive put a deposit down for football village at valle romano, this sounds quite worrying. Ive not heard anything from football village about it so far, will let you know if i do. i hope any one with news about whats going on can post it here so we can all be kept informed.
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TonyRob
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I've just received a personal email from the salesperson I dealt with.
All it said was that she would be in touch regarding the recent press reports.
I also visited the Village web site and noticed there are no presentation events listed.
I had hoped to use one of them for a face-face.
Rgds
M..
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Regards Mike
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Found an article from 27 June on the uk web site "thisislondon"
Search for news article 23502021or for
"Premiership footballers Spanish holiday homes face demolition over corruption scandal"
( Tried to post the link but got this daft ERROR!
You need to have made at least 10 posts before you can include a link, web or email address in this message. Please remove the web or email address and then submit this message again.)
It does not paint a rosy picture
Lets hope common sense prevails at this advanced stage and the bulldozers don't flatten the place.
Worrying times.
_______________________
Regards Mike
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Hi, mcgvrm please take a look at the thread " please be advised" there is a reply from a guys solicitor on there. i dont know how to send a link for you, its on the eye on spain forums. let me know what you think
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TonyRob
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Hi TonyRob
You need to be more specific - which forum exactly and the exact title of the thread ?
I've spent 15 mins looking for it and gave up.
Seems like info for this forum is spread all over the place.
BTW - I see you're located in Washington.
I occasionally visit the DWP building Durham House there (next to the Galleries shopping centre) and I'm often in Newcastle
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Regards Mike
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we would also be interested in reading a lawyers point of view - our spanish solicitor has made a statement stating that the licenses are all correct - but the news in the papers causes you to doubt this?
Does anybody know of a UK based lawyer who can explain the legalities of the licenses? as we would like to seek some comfort also - on a positive front - a friends was in estepona this week and past the complex 3 times where he observed it was very busy with building traffic - also a show house is going to be ready mid july
regards, Gary This message was last edited by chorley on 7/3/2008.
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Whats really bugging me now is Football Villages and their slow response to this situation.
I get nervous when its this quiet.
I'm hoping that the high profile people and football clubs that have signed up and backed this development will have the ability to push it forward regardless.
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Regards Mike
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they seem to be saying that the licences were all approved at the Junta de Andalucia, so everything must be OK
what I don't understand is that if everyone was taking backhanders, why should anyone at the regional government be above taking a bribe ????
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I just called the salesperson I dealt with.
She has assured me that nobody will lose their money due to the bank guarantee (BG) that is in place.
She advised that there are 3 possible actions that could be taken.
1. The licenses are revoked and the BG kicks in and everybody gets their money back (with interest).
2. Completion is delayed due to the corruption investigation. If they go past their contractual date then again you can get your money back.
3. Nothing happens and work continues.
My completion date is April 09.
However it seems there are already significant delays and a more realistic date is July 2010.
So it looks like most investors will be able to exercise BG and get their money back if they so wish.
Hope this helps to settle your nerves.
_______________________
Regards Mike
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Mike - that's great feedback - I was aware of the options but we are being told development is "on schedule" be we have seriously doubted that to be the case - we visited in january 08 this year and nothing had been started on the village section. We have bought on villa borghese (phase 3 ) which is the block of apartments next to the club house and again nothing was ready and indeed although there was plenty of work being carried out it did not look as advanced as we had expected - my gut feeling is that there is going to be delays - which in a bazarre kind of way may work to our advantage if we are stil concerned over the legalities etc
thanks again, Gary
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just recieved a copy of this press release - which is good news
OFFICIAL PRESS STATEMENT FROM FOOTBALL VILLAGE RE: THE VILLAGE AT VALLE ROMANO
Recent media reports have mistakenly suggested that the current police investigations into alleged corruption at Estepona Town Hall may affect purchasers at Spanish property development, The Village at Valle Romano, which is currently under construction in the Estepona area.
Football Village would like to make it clear that – whatever the final outcome of the aforementioned investigations might be – the successful completion of The Village at Valle Romano will not be affected. The planning permission originates in urban masterplans from 1974 and 1994 and have been approved by the Junta de Andalucia, The Regional Central Government of Andalucía which supercedes Estepona town council. The legality of the planning permission and building licenses on this development are not in question. This reflects the professional legal opinion of leading Spanish property lawyers, Lexland Abogados, who have been consulted on this matter.
Furthermore, Football Village and the 12 clubs that have endorsed The Village pride themselves on conforming to the highest ethical principles and 100% customer protection, a level far beyond what is offered by most developers in the UK and Overseas. This has ensured that all purchasers have been protected with suitable insurance policies for any eventuality. In any event of breach of contract, even late delivery, all clients at The Village at Valle Romano are able to execute individual insurance policies to obtain reimbursement of any amounts paid, plus interest, direct from the insurance company within 30 working days. All monies are safe at all times.
OFFICIAL STATEMENT FROM LEXLAND ABOGADOS – PROJECT LAWYERS
In relation to the recent information about a police investigation in which an ex executive of Valle Romano has been involved it is our professional opinion that from a legal point of view the aforementioned investigation, whatever the final results may be, by any means would not affect the successful completion of the properties that have been contracted.
The urban rights of the complex are based on urban rights arising from the Estepona PGOU (masterplan) of 1974 and the later one dated 1994. Both plans have been approved by the Town Hall and most importantly the Junta de Andalucía (Regional Central Government of Andalucía) and therefore the legality of the complex and its building licenses are not in question. We reiterate that any event of breach of contract will allow buyers to execute their individual insurance policies and obtain the eimbursement of all amounts paid plus legal interest direct from the insurance company within 30 working days, which is the limited legal period insurance companies have to to proceed with the payment in these cases. Therefore, all client monies are safe at all times in case of any events delaying or stopping the works.
Regards, Dimas Cuesta. Lawyer – Partner
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Another thought has just occurred to me.
Could the stronger euro work in our favour if we decided to exercise BG.
The exchange rate when I transferred my deposit was around £1 = 1.46€
Suppose the deposit was £50k.
That equates to 73k€
Today the exchange rate is approx £1 = 1.26€ (or 1€ = £0.79)
So my 73k€ is now worth approx £57,936
A gain of around £7,936 due to the stronger euro.
Is my logic flawed or is this correct ?
Any comments ?
_______________________
Regards Mike
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Regarding the press release below, if the former CEO of Valle Romano has been arrested and released on 500,000 euros bail, how can Football Village and the lawyers be so certain that everything is OK ?
I assume he was up to some pretty serious activities when he was in charge of Valle Romano ? If he has doen anything illegal or fraudulent in relation to Valle Romano then surely that could raise question marks over the development
They have arrested about 40 people so far. If people at the Junta are also involved then surely their approval could be in question too ?
Anyone going to Spain soon that could go to the site and see what´s happening ??????
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mackem1 I just posted on the other thread - basically there is nothing to see at the moment
they just started work the day before the mayor was arrested
i will ask my mate to go and have a look and see if he can see whats happening there
cheers
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Hi all, this is the article i mentioned earlier, have a read and let me know what you think, it seems that things should go ahead , though its still quite worrying.
btw - mike, i know the dwp and the galleries, both are quite close to me.
Tony
RECEIVED FOLLWING STATEMENTS FROM FV AND MY LAWYER
Following on from our conversation today, here is the official statement issued by Football Village, followed by a statement by Dimas Cuesta of Lexland Lawyers.
Please contact me with any questions which may arise and let me know if you are planning on coming over at any time. I will arrange for someone to take you to the site.
OFFICIAL STATEMENT FROM FV
Dear Client,
As you may or may not be aware, an investigation into alleged corruption at Estepona Town Hall is currently taking place.
Although there is speculation that some building projects in Estepona might be affected, we would like to move to assure you that these investigations will have no impact whatsoever upon on the Valle Romano Resort and its clients.
Valle Romano has secured all building licenses and necessary approvals from the Regional Government (Junta de Andalucia), therefore is not subject to any enquiry related to Estepona Town Hall or any individuals associated with the investigation.
Football Village prides itself on conforming to the highest ethical principles and ensuring 100% customer protection, including that all clients are protected with suitable insurance policies for any eventuality.
If you have any questions related to this matter, please feel free to contact us at any time.
Best regards,
Football Village
OFFICIAL STATEMENT FROM DIMAS
In relation to the recent information about a police investigation in which an ex executive of Valle Romano has been involved it is our professional opinion that from a legal point of view the aforementioned investigation,whatever the final results may be, by any means would notion affect the successful completion of the property you contracted.
The urban rights of the complex where you bought your property are based on urban rights arising from the Estepona PGOU (masterplan) of 1974 and later the one dated 1994. Both plans have been approved by the Town Hall and the Junta de Andalucía (Regional Central Government of Andalucía) and therefore the legality of the complex and its building licenses are out of the question.
We reiterate that in any event of breach of contract we will always be in a position to execute your individual insurance policies and obtain the reimbursement of the amounts paid plus legal interest direct from the insurance company within 30 working days, which is the limited legal period insurance companies have to proceed with the payment in these cases.
Therefore, as we originally confirmed in our legal report your monies are safe at all times in case of any events delaying or stopping the works.
Regards,
Dimas Cuesta
Lawyer - Partner
Kind regards
Kate Davies
Football Village
Thank you for your email and I understand your concern.
Anyway, I would like to inform you that this morning I have been in contacted with the developer and I have been informed that the works continues without any problems. They affirm that the news given in England isn’t true, and they are inviting to the clients to visit the construction, for you can personally check the progress of works.
On the other hand I would like to inform, that the private purchase contract has been signed directly with the developer “COMPAÑIA PROMOTORA Y DE COMERCIO DEL ESTRECHO S.L.U.”; Football Village is the marketer.
I would like also to inform you that according to the developer’s information, earlier this year the “KUXA Bank” is the owner of the Company (“CÍA. PROMOTORA Y DE COMERIO DEL ESTRECHO S.L.U.”), so they have good financial support.
With regard to the individual insurance policies, allow me to inform you that the document must expressly identify the quantities delivered, the property and their owners.
With regard to delivery time, the contract expressly states (clause 11) that the works should be finished within 24 months after the beginning of the construction (December 2007) and provides for a grace period of six months.
The contract also states that if the plan works is affected by demands from the competent administration, for weather or technical circumstances, the deadline would be extended until these circumstances have been solved. But, in any case, these circumstances must be properly proved.
The transfer of the domain will be done by the signing of the Title Deed before a Notary, within 45 days after obtaining the License.
In the case the vendor do not deliver the property in time, the buyer could enforced to the vendor to fulfil the contract or to apply for its resolution.
According to the clause 14, the amounts paid by the buyer shall be deposited into a bank account specifically open by the vendor with the purpose of guarantee the fulfilment of the contract. This is the purpose of the bank guarantee we are going to receive.
As consequence, in the case of the breach of the contract by the seller, the buyer would be able to ask for the resolution and recover the quantities delivered plus legal interests.
Finally, I would like to inform you that according to the clause 9 of the contract, in case of non-payment or refusal to complete by the buyer, the seller could proceed with the resolution of the contract, and the buyer would lose the full amount paid up to now in concept of penalty.
We will continue investigating this matter to keep you informed, and as soon as I receive the bank guarantee I will send you a copy.
However, if you have any further queries, do not hesitate to contact us.
_______________________
TonyRob
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The thing that concerns me is that 'start' on site that was made just before these problems came to light. Possibly being cynical but if there is a clause that says they need to start by a certain time, which i think we were all told during sales pitch, it seems convenient that they have only recently started.
In recent discussions with FV employees past and present, i took the implication that the sale of the site, from the VR man implicated in the corruption to the Kuxta Bank, was a reason for the delay in the construction project. Obviously this disappoints me as it seems a unilateral decision has been taken that affects all buyers in the development without the courtesy of letting anyone know. Coupled by the start on site noted above leaves a scenario that makes me uneasy.
I was hoping to get out to check for myself whether a meaningful start has indeed been made or whether they just started earthmoving to make it look like something has started, but in the normal course of events i would have expected to be seeing evidence of commencment on foundation works etc and see evidence of regular progress of the works, materials on site etc.
Have not been out yet and unlikely to in the next few weeks due to work and pre-planned holidays, can anyone else report on this start on site?
Whilst all the talk of Bank Guarantee's is comforting - i understand what we have is an Insurance policy, so i've never had the pleasure of dealing with an Insurance company that is happy to pay out, so worry that all sorts of defences would be used if an attempt was made to exercise BG, but maybe thats just me has anyone else any experience with Bank Guarantees such as this in Spain?
This message was last edited by sgm71 on 7/7/2008.
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have heard that the site is closed - no access allowed. So even if there had been some work started, there is nothing going on now
i know that people that bought at the original arsenal development got all of their money back after that turned out to be a big cock up
they finished the apartments but there were no promised rental garantees
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