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Issue 699
8 - 14 march 2013
Anxious wait over CAM appeal
TV crews film the abandoned development
by Jack Troughton OFF-PLAN HOME buyers left without ‘Bank Guarantee’ protection of their investment are anxiously waiting an imminent court judgement in a “landmark” test case. An action group of buyers successfully won its case against a shamed Spanish bank in a Spanish court last May. However Cam Bank appealed the decision. The appeal was decided this week by Albacete Appeal Court. The judgement will be announced by the end of March – although the court has a record of early notification. The case, which has aroused massive
public and media interest, surrounds 47 buyers losing 1.5 million euros after CAM failed to issue guarantees to cover deposits for the Las Higuericas Finca Parcs development near Hellin, close to the border with Murcia. Last June the court at Hellin found in favour of the Finca Parcs Action Group and the bank was described by the judge as being guilty of “banking malpractice” for its failure to protect buyers’ cash after the bank – now Sabadell CAM – and the developer were found ‘jointly and severally’ liable. CAM and developer Cleyton GES SL were ordered to return deposits to the purchasers and pay interest and costs. The bank paid the full amount into
court last August but lodged an appeal. CONFIDENT Finca Parcs Action Group coordinator told Round Town News he and the legal team remained confident the bank’s appeal would be dismissed and the original sentence would be upheld. “I am confident. We have so much evidence against CAM, such a strong sentence from the First Instance Court at Hellin, and ever increasing case law against the banks,” he said. CAM continues to argue it was not responsible for the situation and all irregularities and illegalities were committed by the developer. Continued on page 6