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HE average property price in Spain has two consecutive years for the first time grown for Prices rise for two consecutive years, The national average house price rose in a decade. from between while mortgage values continue 3.9% to 8.4%, according to various sources. to grow Along the Mediterranean coasts and most foreigners buy, the average price on the islands, where Balearic Islands. hike has been 4.06%, ac- “Prices have cording to Tinsa, Spain’s leading property been rising most years since the recovery began, But the figures have mostly not yet made appraisal company. but nothing like they did in the boom years, and nowhere near during the long six year recession, with up for the big drops enough to claw back the ground lost in the bust,” the exception of the respected analyst explained Mark Stucklin, of Spanish Property Insight.
However, he added ‘at the very least, the Spanish property continued to grow lastdata suggests that the year.’ Mortgage lending to home buyers meanwhile was up 6.1% in January to 19,390 new loans, according to the Association of Spanish Notaries. The average new loan made in January an increase of 0.9% in a year. As long had a value of €135,616, as mortgage lending for residential acquisitions continues to increase, as it has done for the last few years, the Spanish property market is set to grow.
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Vol. 3 Issue 52 www.theolivepress.es April 12th - April 25th 2019
SUMMONS: Kirby
Judge set to take further steps after expat boss of suspect investment company fails to turn up at court
EXCLUSIVE By Joshua Parfitt
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THE beleaguered boss of a failed wealth management company which allegedly lost expats more than €20 million has ignored a summons to court. Darren Kirby, of Alicante-based Continental Wealth Management (CWM), failed to turn up at Denia court on March 26. According to Olive Press sources he was due to turn up, alongside former business partners, who did turn up. The case involves a trio of investors, who lost substantial amounts of money when the company folded in 2017. Kirby allegedly fled to Australia following the collapse, finally returning to Alicante last year. “Darren has been sent a Burofax which he didn’t sign for, so the court will now have to pursue him in other ways,” a source said. “A judge is dealing with this and it’s under legal review,” he added. “We understand he is currently in England.” The Olive Press exclusively revealed how CWM abruptly folded in 2017,
Expats who lost millions rage at ‘unauthorised’ deals involving ‘worrying’ signing of blank sheets
CATALUNYA’S beleaguered leader has vowed to fight on from abroad. It came after Carles Puigdemont handed himself in to Belgian police when a European arrest warrant was issued. He and four other politicians are accused on charges of rebellion, sedition, misuse of public funds, disobedience and breach of trust. A judge in Belgium now has up to two weeks to decide if they will extradite the group to Spain.
EXCLUSIVE By Joe Duggan
Fight Given the whole extradition process can take up to 60 days, it means he may have to run his entire election campaign for the Catalan European Democratic Party from Belgium. His party wants him to fight for continued leadership of the regional parliament in the December 21 elections. Puigdemont denied he had fled to Brussels to avoid justice but that he left because the Spanish government was preparing a ‘wave of oppression and violence’ against separatists. “I’m absolutely convinced that the state was preparing a harsh wave of repression for which we would have all been held responsible,” he said yesterday. “The Spanish state is committing a brutal repression… if we don’t battle repression together, the Spanish state may win this fight.” In a show of support to the deposed president, around 200 Catalan pro-independence mayors travelled to Brussels on Tuesday to stage a rally.
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Govt in exile
Pension peril
BRITISH expats who lost up to €20 million in a failed pension advisory firm believe their signatures may have been photocopied onto investment documents. Around 300 Brits, most living in Spain, are battling to retrieve their funds after Alicante-based firm Continental Wealth Management (CWM) folded in September, as first reported in the Olive Press a month ago. Boss Darren Kirby left for Australia following the closure of the company’s main Javea offices. Victims, who are spread across Spain, as well as in Ibiza, Mallorca, Portugal, France and Turkey, fear illegal practices after being asked to sign blank dealing instructions. Their pension pots were then invested in high-risk assets which promised to pay out large commissions. One 69-year-old pensioner told the Olive Press he lost €210,000 after transferring €470,000 despite stating he BOSS: Kirby now in had a ‘low to medium aversion Australia to risk’ attitude to investment. “I was asked, ‘Can you sign this he said. “They should have been looking blank form. We will fill in 1the 16/06/2017 15:36 were just Untitled-1.pdf that trusting they out for me but they nests. To details.’ I did their own would act in my best interests,” feathering
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rying’. “This negates the very essence me they knew what they were of the service they are meant to doing.” offer,” said Flores. “It is a blank He added: “I believe some of cheque to invest wherever, the investments were made whenever. without my knowledge. I think “If standard practice, this is that is the case because I do not very worrying. recall signing sheets for all the has gone down by half and I “Signing blank documents investments I had.” need compensation to get it would be seen An email, seen by the Olive back on track. as irregular in a Press, shows CWM asking a cli“But some people court of law. The ent to sign and return a blank with have lost everyproblem dealing instruction. thing and don’t these firms is that Another British expat, 55, who have enough to they were all inis trying to recover around live on. One rein highly €200,000, said some pensionPENSION vesting tired victim only investments ers ‘have lost everything’. OUTRAGE risky has €50,000 left without the cli“My paper work that I sent from €480,000.” ents knowing.” has been altered, my risk level Andalucia-based He claimed that was changed from ‘medium’ to lawyer Antonio losses sustained ‘high’ and my dealing instrucwhose investors Flores, photocopied by been tions have Lawbird firm would hopefully repeatedly for buying and sellrepresentare recoverable be ing assets I didn’t authorise,” ing some CWM as the investments that failed he said. victims, said signing blank into perform, or went bust, were “I still have some money left vestment sheets was ‘very worlinked to life insurance policies. and I am still young enough to Pension trustees Momentum get compensation, but my fund and Trafalgar are now attempting to recoup CMW clients’ losses. The Olive Press has so far been unable to discover if CWM was SPECIALIZING IN: registered to provide investment advice with Spain’s offiCRIMINAL LAW cial financial regulator CNMV. New quality homes since 1958
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Vol. 1 Issue 13 www.theolivepress.es October 12th - October 26th 2017
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SPECIALIZING IN: CRIMINAL LAW CIVIL LAW BANKING (FLOOR CLAUSE) FAMILY LAW
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Expats lose millions in life savings through failed investment scheme EXCLUSIVE By Joe Duggan
HUNDREDS of British expats are battling to retrieve their pensions after losing up to £20 million in a failed pension OFF TO OZ: Boss Kirby and (above) team at March investment scheme. charity bash Spanish-based financial adviIt is believed at least 300 of sory firm Continental Wealth One Marbella-based expat remain anonymous. Management (CWM) folded told the Olive Press he sunk “The adviser kept telling me, CWM’s 900 clients have had last month obliterating many £59,000 through CWM, only ‘This is guaranteed, it can’t go their pension pots decimated, with victims shocked to later heartbroken Brits’ life savings. realising he had lost £39,000 below a certain level’.” Many of them had transferred when his pension trustees sent His money, and that of others discover the value of their intheir private UK pensions a statement. across Spain and France, was vestments had plummeted through the company, whose “I couldn’t believe it. I have put into high-risk ‘profession- dramatically. Untitled-1.pdf 15:36 boss Darren Kirby has now1al- 16/06/2017 lost thousands of pounds,” al investor only’ assets, it has However, a source close to the case insisted: ‘There are legedly moved to Australia. revealed the victim, asking to been claimed. still many customers who are happy with their pension portfolio.’ Andalucia-based tax specialist Angie Brooks, a leading expert on pension liberation schemes and the founder of Pension Life, has now launched a fight to help get victims’ money back. She is working alongside pension trustees Trafalgar Inter-
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national and Momentum Pensions. “People are terribly distressed,” Granada-based Brooks told the Olive Press. “They have lost large amounts of their retirement savings.” She added: “Some of these people are going to end up back in Britain on benefits.” “I have nothing but praise for Tony Barnett [Trafalgar MD] and Stewart Davies [Momentum chef executive]. They have been magnificent in trying to recoup people’s money.” The Olive Press understands it
is highly possible legal action may be taken by some parties against CWM, based out of headquarters in Alicante, and its executives. Both the office in Javea and the website have recently shut. The group were pictured celebrating at a charity ball as recently as March this year. When the Olive Press spoke to boss Kirby he ‘definitively’ denied responsibility over the crash. “I have lost my world,” he said. A close associate of Kirby’s said former CWM staff were all ‘very upset’. “It is still quite raw for them, and they are working out what to do next,” he said. Opinion Page 6
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Continues on Page 7
Who’s paying us?
CONFUSION reigns over who should foot the bill for Mallorca hotels hit by the collapse of airline Monarch. Balearic hotels are facing a €10million bill over the collapse that saw the emergency repatriation of over 110,000 back to the UK, many from Palma. Administrator KPMG told the Olive Press ‘the debt owed by Monarch to hoteliers will rank as an unsecured claim’ against the defunct airline. “They will have to file a claim to the joint administrators for all the money they are owed,” said a spokesman. “It has not been determined (yet) how much money will be available to creditors.”
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BACKING DOWN: Carles
Confusion reigns
SPAIN’S prime minister has accused Catalan leader Carles Puigdemont of causing ‘confusion’ after signing a declaration of independence. Mariano Rajoy demanded he clarify if he had really declared independence following Tuesday’s nail biting address to the Catalan parliament. If so, Rajoy insisted he could trigger Article 155 of Spain’s constitution to allow Madrid to take direct control of Catalunya. “There is an urgent need to put an end to the situation that Catalunya is going through - to
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Opinion Page 6
BACKING DOWN: Carles
Confusion reigns
SPAIN’S prime minister has accused Catalan leader Carles Puigdemont of causing ‘confusion’ after signing a declaration of independence. Mariano Rajoy demanded he clarify if he had really declared independence following Tuesday’s nail biting address to the Catalan parliament. If so, Rajoy insisted he could trigger Article 155 of Spain’s constitution to allow Madrid to take direct control of Catalunya. “There is an urgent need to put an end to the situation that Catalunya is going through - to Continues on Page 7
Who’s paying us? EXCLUSIVE
They’ve been getting stoned for centuries. Now UNESCO is interested in Mallorca walls. SEE PAGE 6
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Brits’ life savings.
the company,
whose boss Darren Kirby has now allegedly moved to Australia. One Costa-del-Solbased expat told the Olive Press he sunk £59,000 through CWM, only realising he had lost £39,000 when his pension trustees sent a statement. “I couldn’t believe it. I have lost thousands of pounds,” revealed the victim, asking to remain anonymous. “The adviser kept telling me, ‘This is guaranteed, it can’t go below a certain level’.” His money, and that of others across Spain and France, was put into high-risk ‘professional investor only’ assets, it has been claimed.
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PENSION OUTRAGE
Expats lose millions in life savings
CONFUSION reigns over who through failed should foot the bill for Mallorca investment hotels hit by the collapse of airscheme line Monarch. Balearic hotels are facing a EXCLUSIVE €10million bill over the colBy Joe Duggan lapse that saw the emergency repatriation of over 110,000 back to the UK, many from HUNDREDS of BritPalma. Administrator KPMG told the ish expats are battling Olive Press ‘the debt owed by to retrieve their penMonarch to hoteliers will rank sions after losing up to as an unsecured claim’ against £20 million in a failed pension investment OFF TO OZ: Boss Kirby the defunct airline. and (above) team at “They will have to file a claim to scheme. the joint administrators for all Spanish-based finan- March charity bash the money they are owed,” said cial advisory firm Continental Wealth Mana spokesman. “It has not been determined agement (CWM) folded Many of them had (yet) how much money will be last month obliterat- transferred their private UK Untitled-1.pdf pensions available to creditors.” 1 16/06/2017 ing many heartbroken through15:36
SPECIALIZING IN: CRIMINAL LAW CIVIL LAW BANKING (FLOOR CLAUSE) FAMILY LAW
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SEE PAGE 20
It is believed at least 300 of CWM’s 900 clients have had their pension pots decimated, with victims shocked to later dis- to end up back in Britcover the value of their ain on benefits.” investments had plum- “I have nothing but praise for Tony Barnett meted dramatically. However, a source [Trafalgar MD] and close to the case in- Stewart Davies [Mosisted: ‘There are still mentum chef execumany customers who tive]. They have been are happy with their magnificent in trying to recoup people’s pension portfolio.’ A n d a l u c i a - b a s e d money.” tax specialist Angie The Olive Press unBrooks, a leading ex- derstands it is highly pert on pension lib- possible legal action eration schemes and may be taken by some the founder of Pension parties against CWM, Life, has now launched a fight to help get victims’ money back. She is working alongside pension trustees Trafalgar International and Momentum Pen- based out of headquarters in Alicante, and its sions. “People are terribly executives. distressed,” Granada- Both the office in Javea based Brooks told the and the website have Olive Press. “They have recently shut. lost large amounts of When the Olive Press their retirement sav- spoke to boss Kirby he ‘definitively’ ings.” denied She added: “Some of responsibility over the these people are going crash. “I have lost my world,” he said. A close associate of Kirby’s told the Olive Press former CWM staff were all ‘very upset’. “It is still quite raw for them, and they are working out what to do next,” he said. Opinion Page 6
HOW WE TOLD IT: Our 2017 reports in Mallorca
losing hundreds of expats’ life savings in the process. The firm, which was based out of the Marriott Hotel, in Denia, had ‘eight to ten’ telesales staff and clients scattered around Europe, revealed a former member of staff. “It was a prestigious place but one day they just shut the door,” she said, asking not to be named. Victims had raised fears about being asked to sign blank dealing instructions and their pensions being invested in high-risk assets which paid large commissions. One pensioner based in Mallorca told the Olive Press he lost €210,000 after transferring €470,000 despite stating he had a low toUntitled-1.pdf medium risk attitude. “I was asked, ‘Can you sign this
blank form. We will fill in the details.’ I did that trusting they would act in my best interests,” he said. “They should have been looking out for me and they were just feathering their own nests. To me they knew what they were doing.” Lawyer Antonio Flores, whose firm Lawbird is representing a number of victims, said signing blank investment sheets was ‘very worrying’. “This negates the very essence of financial advisory services,”said Flores. “It is a blank cheque to invest wherever, whenever. “It is very worrying as they were investing clients’ money in highly risky investments as well as dubious funds just because they paid the higher commissions.” He added that losses sustained by investors should however, be recoverable as the investments that failed to perform, or went bust, were linked to life insurance policies. When the Olive Press finally got hold of Kirby in October 2017, he denied all responsibility. “I have lost my world,” he said. Are you a victim or former staff
Do you know more about 1 member? 16/06/2017 15:36
the case? Contact the Olive Press at newsdesk@theolivepress.es
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