Otero: War is to blame

DISGRACED construction magnate Ruben Otero has blamed the collapse of his company on the war in Ukraine in a letter to employees.

The embattled developer also said an ‘increase in building materials’ had taken its toll on his schemes along the Costa del Sol.

As many as 130 staff are now fac ing collective dismissal, while hun dreds of victims have now contact ed lawyers, the newspaper under stands.

In the letter to employees, sent on Valentine's Day, the Galician businessman gave them 15 days to ‘choose representatives’ for negotiation.

The Olive Press - which broke the story three weeks ago - has heard that staff have been offered a ‘one-off’ €2,000 redundancy payment in exchange for signing a nondisclosure agreement.

We can also reveal Otero is the director of a staggering 39 companies in Spain, many with a turnover of millions and most of them subsidiaries of the Otero Otero has still yet to release a public statement on the scandal, which has left hundreds of buyers and dozens of contractors likely to have lost millions across up to a dozen developments.