RTN North Edition 659

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north EDITION

Your English Newspaper

roundtownnews.com

01-07 JUNE 2012

Balancing the books

a “realistic” 28 million euro budget has been drawn up for Calpe p3

Safety net for tourists

Paul Rodwell met with around 40 reps in Benidorm to discuss how to help holidaymakers arriving on the coast each year p4

Exclusive offers on lights & lamps

Luz Garden Lamp Factory have over 500 different models of Tiffany lamps. See their advert p29

iSSUE 659

CAM accused of fraud by jack troughton

Spanish Property Inheritance Tax A realistic solution An effective solution can be found on p33

Showbiz Goss Find out all the latest goss with Peter Taylor p56

Long to reign over us... By Jack Troughton RTN AND its readers send hearty congratulations to Her Royal Highness Queen Elizabeth as she celebrates 60 years on the throne. Television screens and newspaper pictures will focus on the story of a monarch who was crowned in 1952 and has continued to delight and enchant her subjects through a number of milestones and now reaches its zenith with her Diamond Jubilee. The crowning glory of year long international celebrations is the four day long ‘Jubilee Weekend’ – a double bank holiday in the UK – when the country will turn a patriotic red, white and blue. In Spain, patriotic expats will be hanging out the bunting for parties and raising a toast to Her Majesty. Next week RTN plans a spread of photos of events throughout the region to mark the occasion, why not help us create something special by sending your pictures to rtnmail@roundtownnews.com. Turn to page 6 to find out how London are preparing for the celebrations.

TROUBLED ALICANTE bank CAM was accused of corruption and fraud during a Spanish court drama involving 1.5 million euros in house deposits it was trusted to safeguard. It is alleged the bank – Caja de Ahorros del Mediterraneo – failed to comply with Spanish law and issue bank guarantees to people, many of them Brits and retired, buying into a luxury lifestyle development. Judge Consuelo Romero is expected to deliver a verdict in the coming days, a result eagerly anticipated by victims of other ‘off plan’ homes in the Costa Blanca and across Spain who have lost money because of failures of banks to guarantee funds. Described by the Spanish press as the “trial of the year” in Hellin, Albacete, the action was brought against CAM and developer Cleyton GES by the Finca Parks Action Group. The law states deposits must be held in ‘special accounts’ and the money only used for the purpose of building houses – in this case 600 homes in ‘real Spain’, a lifestyle and sports resort at Las Higuericas Finca Parks, a village near Hellin. Around 70 homes were completed – but have never been occupied – but the action group maintains around 100 purchasers were issued any guarantee, although another 300 people were granted the protection, after paying their deposits between 2004 and 2006. The case is about recovering the funds from the bank. Construction ended in 2009 when the developer pulled out saying the resort, funded by the bank, was financially unviable. CONTRACT During the two-day hearing, CAM lawyers argued the bank had no contractual relationship with the purchasers and it was the developer who had mishandled money from the special account. However, the action group’s legal team said the victims had been “harmed” by the failures of both the bank and Cleyton GES and as the only financial entity involved, CAM “should be condemned” jointly and separately with the developer. 5 Continued on page


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