Mallorca Olive Press - Issue 44

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S A Sierra Nevada AXARQUIA

November 12 2014 the olive press - October 30 19www.ll about theolive-ll about

A

www.theolivepress.es

December 19th - January 3rd 2019

19

ierra Nevada

December 19th- January 3rd

+34 958 481 170 +34 675 470 669 www.alquileressierranevada.es

2019

COSTA DEL SKI

Vol. 13 Issue 307

www.theolivepress.es

Get in the spirit of the festive season with our 10th anniversary Sierra Nevada special inside

Jon Clarke (right) returns for his 15th season in southern Europe’s top skiing resort

they’re shivering WHILE it’s foggy in the Pyrenees and top of Spain’s in the Alps, I’m taking the sun near the second highest mountain. Nevada still reIt’s early December and yet the Sierra are skiing in mains warm during the day. Some people t-shirts and everyone is looking tanned. apple and a Even better, my elevenses of a croissant, and that is at a Coke come to less than €10 euros... restaurant halfway up the slopes! of kilome“Here we sell the weather, not the number boss of EOE ski tres,” explains Juan Luis Hernandez, up for years.” school. “And the prices have hardly gone from the beaOn top of that you are just over an hourthe celebrated ches of Almunecar and half an hour to Alhambra. That is hard to beat. Nevada though What is certainly changing in the Sierra is the dedication to move forward. and this is Believe me, I’ve been coming for 15 years... special supplethe 10th anniversary of the Olive Press’ ment on the resort. every year and New kilometres of pistes are added so heavily this year - by amazing fortune - it snowedearlier than in November, the resort opened a week enjoying the Deexpected, with a record 40,000 skiers Continues on next page

LIGHTING THE WAY: A new lighthouse

on the kids play park area and (main

pic) the slopes lit up at night

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How to celebrate Christmas like a Spaniard See page 6

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Vol. 2 Issue 44 www.theolivepress.es December 20th - January 4th 2019

TIMBER!

Investors can’t see the wood from the trees, after investing ‘millions’ in forestry firm, based in Palma A MALLORCA-based investment firm is feared to have lost or ‘mishandled’ tens of millions of euros invested in forestry abroad, the Olive Press can reveal. GWD Forestry, based in Palma, has been accused of the mismanagement of investors’ cash - with most claiming they have never seen a return. The company, which invests in agro-plantations, has told the Olive Press it is working to ‘pay back’ its clients. One Irish investor, based in Malaga, told the Olive Press he fears he has lost €8,000 invested in eucalyptus trees in Brazil in 2011, before reinvesting another €10,000 in 2013.

Fear

“I have received one report in all these years, despite repeatedly asking how my stock was doing,” the investor, who asked to remain anonymous, claimed. “I have received nothing back and have had no response from the company in months, I fear I have lost €18,000.” To add insult to injury, various investors fear they are now being targeted by con artists posing as investment fund managers looking to take over GWD’s operations. An Australian expat, based in Madrid, told the Olive Press

GWD OFFICE: In Ave Jaume III

EXCLUSIVE By Laurence Dollimore

she is being ‘hounded every day’ by them, and believes her initial investment is linked in some way. The businesswoman invested €8,800 into GWD’s ‘Biomass arm’ in Brazil last August. “It’s obviously dodgy,” she told the Olive Press, “they are offering me three times what I invested. “But they want me to pay €5,000 ‘in insurance’ BEFORE they give me the money they are promising.” She continued: “What gets me is how they know what I invested and when. Was there a data breach?” It comes after a group of disgruntled investors contacted the Olive Press having created a forum online. “I invested in acacia and coconuts and so far none of the payments due have been paid despite multiple promises,” one wrote on the GWD Forestry Investor Community. “The transparency regarding investment performance and payments has been appalling.” Another said: “The after sales care has been terrible. Dozens of other investors have said the same thing. Up to 40 victims alone are being handled by Carlton TheOlivePress-256x170-BIKE-4.indd Huxley, a UK based firm of legal and law enforcement consultants. The group have collectively invested around €3.5m. The firm, which specialises in resolving conflicts and probing fraud, is currently negotiating with bosses at GWD, including director Martin Roche, who is based in Ireland, but also has investments in Marbella, sources told the Olive Press.

“We have held a series of meetings with the management, who are being cooperative,” a spokesman for the firm, Bill Ferguson, told the Olive Press this week. “We are working to get a recovery programme under way in the new year.” He confirmed that investors were receiving cold calls, offering ‘substantial’ sums for the trees, while also claiming GWD is under criminal investigation by the City of London police and is ‘in liquidation’ in the UK. “Neither are true, there is no UK company to liquidate,” said Ferguson, adding that most of the calls were coming from a company called Belmont Insolvency. “Belmont say the investment is for a company called Serex Investments Ltd, which is FCA registered...then say the clients should consider taking out insurance on the transaction for €5,000 or more. “We have contacted Belmont to ask them how they got our clients details and to provide evidence to support their claims of an ongoing criminal investi-

Brighten up with Mallorca’s festive lights See page 6 Why Mallorca is so magical at Xmas See page 22 Untitled-1.pdf

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gation by London Police. “They say they are unable to divulge this information ‘as it is sensitive’ which it is not.” Belmont Insolvency was not contactable for comment, while a website for the firm was down this week. Meanwhile, one former employee who worked for GWD for two years in an office on Avenida Jaume III in Palma told the Olive Press that it was ‘obvious’ that something was ‘not right’. “Everyone working there knew something was up but they were all too happy to ride the gravy train to worry,” he said. Another employee, who left last year, said it was ‘without a doubt being run questionably.’ “By the end, at least, it was Y

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