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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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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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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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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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Owner on condado de alhama in Garden 3 and block 10
Love being in Spain
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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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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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www.alhamagolfapartment.co.uk
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