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Vol. 3 Issue 65 www.theolivepress.es October 11th - October 24th 2019
REMEMBERING THE FLOODS ...And this is why:
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SHE was the glamourous girlfriend of one of the true expat kings of the Costa Blanca. Living an enviable jet-set lifestyle, driving fast cars and wearing designer dresses, Jody Smart appeared to have it all. But this week she was forced to answer questions about her involvement in the running of a finance company that collapsed
Power grab SPAIN’S PP party has cious plans for a powerset out audagrab to take back control from Valencia and the other autonomous regions. Leader Pablo Casado announced his commitment to strengthen the central government’s role to the national elections in the run up He insisted that such in a fortnight. prevent corruption anda move would lead to a drop in taxes.
It comes as the party attempts to see off the threat from an Party, whose leader hasinsurgent Vox autonomous parliamentsdescribed the as the ‘cancer of Spain’. Under the plan, the PP wants to increase resources for regional delegations and paralyse government transfer of power to the any further regions.
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WOAH: Emerging from the rock, this stunning home in Valencia is trademark Fran Silvestre, a Spanish architect who is continuing to make his mark in the architectural world. See Fran-tastic page VI
ROCK STEADY
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HE average property price in Spain two consecutive years for the first has grown for The national average Prices rise for time house price rose in a decade. two consecutive 3.9% to 8.4%, according from between while years, Along the Mediterranean mortgage values to various However, he added coasts and on sources. ‘at the very least, continue to grow Spanish most foreigners the the data suggests property cording to Tinsa,buy, the average price hike has islands, where Balearic Islands. that the Mortgage lendingcontinued to grow last year.’ been 4.06%, acBut the figures Spain’s leading property appraisal “Prices have been January to 19,390 to home buyers meanwhile company. rising most was up 6.1% new loans, according during the longhave mostly not yet made up for six year recession, the big drops but nothing like they did in theyears since the recovery began, Spanish Notaries. to the Association in enough with the exception boom of The of the respectedto claw back the ground lostyears, and nowhere near an average new loan made in January increase of 0.9% in the bust,” analyst Mark Stucklin, in a year. As long had a value of €135,616, of Spanish Propertyexplained residential acquisitions as mortgage lending Insight. the last continues to increase, for few years, the Spanish property marketas it has done for is set to grow.
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April 11th - April 24th 2019
FACE THE MUSIC
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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REuse in Spain THE beleaguered boss Govt in REduce REcycle exile of a failed wealth management company which allegedly lost expats more Confusion than €20 million has ignored a reigns summons to court. Darren Kirby, of Alicante-based Continental Wealth (CWM), failed to turn Management Who’s up at Denia paying us? Supremacy court on March 26. According to Olive Press Casado insisted the move sources he Spain being administered would see was due to turn up, alongside ‘more effec- business former tively’. partners, who The case involves a trio did turn up. The election hopeful stated of investors, that his who e Lions Threpub party would carry out Should a sweeping re- moneylost substantial amounts of have Three Lions view of how the regional when the company folded legged it pub in operate looking at ‘efficiencyauthorities 2017. and equi- Kirby allegedly HOW WE TOLD IT: ty.’ fled to Our 2017 reports llowing the collapse, Australia foSpain’s quasi-federal political finally retur- England.” system ning to Alicante of ‘autonomous states’ last year. former member of staff. The Olive Press exclusively the constitution in 1978.was added to “Darren has been sent revealed a Prime Burofax Minis“It was a prestigious place how CWM abruptly folded which he didn’t sign for, ter Pedro Sanchez, whose but in 2017, day they so just shut the door,” one the constitution, strongly party drafted will now have to pursue himthe court losing hundreds of expats’ life she in other vings in the sa- said, asking not plan, insisting the PSOE opposed the ways,” a source said. process. to be would defend “A judge Victims had raised named. The firm, which ‘tooth and nail’ the principal of regio- it’s under is dealing with this and Marriott Hotel, was based out of the asked to sign blankfears about being nal self-government. legal review,” in Denia, had ‘eight dealing tions and their pensions instruc- NO “We understand he is he added. to ten’ telesales staff and clients SHOW: Darren Kirby being incurrently in ttered sca- vested in high-risk around Europe, revealed a large commissions.assets which paid res. “It is a blank cheque to invest wherever, whenever. One pensioner based on the Cos- “It ta Blanca told the Olive is very worrying as they were Press he investing lost €210,000 after clients’ money in transferring risky €470,000 despite stating investments as well as highly he had a funds low to medium risk attitude. just because they paiddubious the higher “I was asked, ‘Can you sign this He commissions.” blank form. We will fill added that losses sustained in the detai- investors by ls.’ I did that trusting they would act verable should however, be recoin my best interests,” he as the investments that said. failed to perform, or went “They should have been for me and they were justlooking out linked to life insurance bust, were their own nests. To me feathering When the Olive Presspolicies. what they were doing.” they knew hold of Kirby in Octoberfinally got denied all responsibility. 2017, he Lawyer Antonio Flores, “I have lost Lawbird is representingwhose firm my world,” he said. of victims, said signing a number See pages 26-29 ment sheets was ‘very blank invest- Are you a victim or worrying’. member? Do you knowformer staff “This negates the very more essence about of the case? Contact the financial advisory services,”said Olive Press at Flo- newsdesk@theolivepress.es Tel. (+34) 96 649 18 29 info@hispaniahomes.es www.hispaniahomes.co.uk Vol. 1 Issue 15 www.theolivepress.es November 9th - November 22nd 2017
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What do Fatboy Slim, director Paul Haggis, John Travolta, Dean Norris and Pilou Asbaek have in common? They’ve all had links to the Balearics this week
FIND OUT WHY INSIDE
Expats who lost millions rage at ‘unauthorised’ deals involving ‘worrying’ signing of blank sheets
BACKING DOWN:
Pension peril
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. EXCLUSIVE A judge in Belgium now has By Joe Duggan up to two weeks to decide if they will extradite the group to Spain. BRITISH expats who lost up to €20 million in a failed pension advisory firm believe their Fight signatures may have been photocopied Given the whole extradition ments. onto investment docuprocess can take up to 60 Around 300 Brits, most living days, it means he may have in Spain, are battling to retrieve to run his entire election their funds after Alicante-based campaign for the Catalan firm Continental Wealth ManEuropean Democratic Party agement (CWM) folded in Sepfrom Belgium. tember, as His party wants him to fight Olive Press first reported in the for continued leadership of Boss Darrena month ago. Kirby left for Austhe regional parliament in tralia following the closure of the December 21 elections. the company’s main Javea ofPuigdemont denied he had fices. fled to Brussels to avoid jus- Victims, who are spread across tice but that he left because Spain, as well as in Ibiza, Malthe Spanish government was lorca, Portugal, France and preparing a ‘wave of oppres- Turkey, fear illegal practices sion and violence’ against after being asked to sign blank separatists. dealing instructions. “I’m absolutely convinced Their pension pots were then that the state was preparing invested in high-risk assets a harsh wave of repression which promised for which we would have all commissions. to pay out large been held responsible,” he One 69-year-old pensioner said yesterday. told the “The Spanish state is com- €210,000 Olive Press he lost mitting a brutal repression… €470,000 after transferring if we don’t battle repression had a ‘low despite stating he BOSS: Kirby now in to medium aversion together, the Spanish state to risk’ attitude Australia to investment. may win this fight.” “I was asked, In a show of support to the blank form. ‘Can you sign this he said. We will fill in the “They should have been looking deposed president, around details.’ I Untitled-1.pdf 1 16/06/2017 15:36 but they were just 200 Catalan pro-indepen- would act did that trusting they out for me in my best interests,” feathering their own nests. To dence mayors travelled to Brussels on Tuesday to stage a rally.
me they knew what they were doing.” He added: “I believe some of the investments were made without my knowledge. I think that is the case because I do not recall signing sheets for all the investments I had.” An email, seen by the Olive Press, shows CWM asking a client to sign and return a blank dealing instruction. Another British expat, 55, who is trying to recover around €200,000, said some pensioners ‘have lost everything’. “My paper work that I sent has been altered, my risk level was changed from ‘medium’ to ‘high’ and my dealing instructions have been photocopied repeatedly for buying and selling assets I didn’t authorise,” he said. “I still have some money left and I am still young enough to get compensation, but my fund
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rying’. “This negates the very essence of the service they are meant to offer,” said Flores. “It is a blank cheque to invest wherever, whenever. “If standard practice, this is has gone down by half and I very worrying. need compensation to get it “Signing blank documents back on track. would be seen “But some people as irregular in a have lost everycourt of law. The thing and don’t problem with have enough to these firms is that live on. One rethey were all intired victim only PENSION vesting in highly has €50,000 left risky investments OUTRAGE without from €480,000.” the cliAndalucia-based ents knowing.” lawyer Antonio He claimed that Flores, whose losses sustained firm Lawbird by investors are representwould hopefully ing some CWM be recoverable victims, said signing blank inas the investments that failed vestment sheets was ‘very worto perform, or went bust, were linked to life insurance policies. Pension trustees Momentum and Trafalgar are now attempting to recoup CMW clients’ losses. The Olive Press has so far been unable to discover if CWM was registered to provide investment advice with Spain’s official financial regulator CNMV. New quality homes since 1958
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BACKING DOWN:
Carles
Confusion reigns
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They’ve been getting stoned for centuries. Now UNESCO is interested in Mallorca walls. SEE PAGE 6
As Spain celebrates Hispania Day, the Olive Press runs a rule over Columbus
SEE PAGE 10
SPAIN’S prime minister has accused Catalan leader Puigdemont of causing Carles ‘confusion’ after signing a declaration of independence. Mariano Rajoy demanded he clarify if he had really declared independence following day’s nail biting address Tuesto the Catalan parliament. If so, Rajoy insisted trigger Article 155 ofhe could Spain’s constitution to allow Madrid to take direct control of Catalunya. “There is an urgent need to put an end to the situation Catalunya is going through that - to Continues on Page
EXCLUSIVE
October 12th - October
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Who’s paying us?
Expats lose millions in life savings
CONFUSION reigns over through failed who should foot the bill for Mallorca investment hotels hit by the collapse of airnational and Momentum line Monarch. scheme Pensions. Balearic hotels are “People are terribly €10million bill over facing a disEXCLUSIVE the coltressed,” lapse that saw the emergency Granada-based By Joe Duggan Brooks told the Olive repatriation of over 110,000 “They have lost large Press. back to the UK, many amounts from HUNDREDS of British expats of their retirement savings.” Palma. are battling to retrieve She added: “Some Administrator KPMG pensions after losing their up to people are going to of these Olive Press ‘the debt told the £20 million in a failed end up back in Britain on benefits.” Monarch to hoteliers owed by investment scheme. pension OFF TO OZ: Boss Kirby “I have nothing but praise as an unsecured claim’will rank Spanish-based financial and (above) team against at March charity bash Tony Barnett [Trafalgar for the defunct airline. sory firm Continental adviMD] and Stewart Davies [Momen“They will have to file a Management (CWM) Wealth One Marbella-based expat tum chef executive]. the joint administratorsclaim to last month obliterating folded told the Olive Press he sunk remain anonymous. It is believed at least “The for all 300 of have been magnificent They the money they are owed,” heartbroken Brits’ life many £59,000 through CWM, only ‘This adviser kept telling me, CWM’s 900 clients have in trysaid Many savings. realising he had is guaranteed, it can’t had ing a spokesman. lost £39,000 go their pension pots decimated, Theto recoup people’s money.” of them had Olive Press understands “It has not been determined their private UKtransferred when his pension trustees sent below a certain level’.” with victims shocked it His money, and that pensions a statement. (yet) how much money of others discover the value of to later through the company, across Spain and France, their inwhose “I couldn’t believe available to creditors.” will be boss Darren was vestments had plummeted Untitled-1.pdf it. I have put into high-risk Kirby has now1al- 16/06/2017 lost thousands 15:36 ‘profession- dramatically. legedly moved to Australia. of pounds,” al investor revealed the victim, asking only’ to been claimed. assets, it has However, a source close to the case insisted: ‘There are still many customers who are is highly possible happy with their pension legal port- may be taken by some action folio.’ parties SPECIALIZING IN: Andalucia-based tax specialist against CWM, based out of headquarters in Alicante, Angie Brooks, a leading and CRIMINAL LAW on pension liberation expert its executives. and the founder of schemes Both the office in Javea and CIVIL LAW Life, has now launchedPension the website have recently shut. BANKING (FLOOR CLAUSE) to help get victims’ a fight The group were pictured celmoney ebrating at a charity back. ball cently as March this year.as reFAMILY LAW She is working alongside sion trustees Trafalgar pen- When the Olive Press spoke Inter- to boss Kirby he ‘definitively’ denied responsibility crash. “I have lost myover the world,” he said. A close associate of said former CWM staffKirby’s were all ‘very upset’. “It is still quite raw for them, and they are working to do next,” he said. out what Find out more on page XX
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Opinion Page 6
Opinion Page 6
Ave de Gabriel Roca 4, Palma
Carles
SPAIN’S prime accused Catalan minister has Puigdemont of leader Carles causing ‘confusion’ after signing of independence. a declaration Mariano Rajoy clarify if he had demanded he independence really declared day’s nail bitingfollowing Tuesaddress to the Catalan parliament. If so, Rajoy insisted he could trigger Article constitution to 155 of Spain’s allow Madrid take direct control to of Catalunya. “There is an put an end to urgent need to the situation that Catalunya is going through - to Continues on
Page 7
EXCLUSIVE
CONFUSION should foot thereigns over who hotels hit by thebill for Mallorca line Monarch. collapse of air-
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As Spain celebrates Hispania Day, the Olive Press runs a rule over Columbus
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whose boss It is believed by has nowDarren Kir- 300 at allegedly of CWM’s least moved to Australia. 900 clients have One had their Costa-del-Sol- pension based expat pots decimated, with Olive Press told the shocked victims he sunk to later to end £59,000 through cover the value of dis- ain on up back in BritCWM, only realising benefits.” their he investments had plum- “I have nothing had lost £39,000 when meted dramatically. but praise for Tony his pension Barnett trustees However, a source [Trafalgar sent a statement. close to the MD] and “I couldn’t case in- Stewart Davies sisted: ‘There [Momentum have lost believe it. I many are customers still tive]. Theychef execuof are pounds,” thousands revealed the have been happy with who magnificent victim, asking their pension portfolio.’ ing to recoup in trymain anonymous.to re- A ndalucia people’s “The adviser - b a s e d money.” tax specialist ing me, ‘This kept tell- Brooks, Angie The Olive Press una leading derstands it teed, it can’t is guaran- pert go below a is highly on pension ex- possible certain level’.” liblegal action eration schemes His money, and may be taken others acrossand that of the founder of Pension parties againstby some CWM, France, was Spain and aLife, has now launched fight to help put into high-risk ‘professional get victims’ money investor only’ back. assets, it She is working has been claimed. alongside pension trustees Trafalgar International and Momentum Pen- based out of headquarsions. ters in Alicante, “People are and its terribly executives. distressed,” Both the office based Brooks Granada- and in Javea told the the website Olive Press. have “They have recently shut. lost large amounts of When the Olive Press their retirement sav- spoke to boss Kirby he ings.” ‘definitively’ She added: responsibility denied these people “Some of crash. over the are going “I lost my world,” hehave said. A close associate of Kirby’s told the Olive Press former CWM staff were all ‘very upset’. “It is still for them, andquite raw they are working out what to do Ave de Gabriel Roca next,” he said. 4, Palma
ing many heartbroken private 1 UK 16/06/2017 pensions Brits’ life savings. through15:36 the company,
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in 2017, losing up to €20m of investors money. While her former partner Darren Kirby failed to turn up to the hearing at Denia Court, she and a fellow director did agree to discuss their involvement in the
16/06/2017
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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 Continues on Page 7
Who’s paying us? EXCLUSIVE
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
They’ve been getting stoned for centuries. Now UNESCO is interested in Mallorca walls. SEE PAGE 6
expat paper in Spain FREE
As Spain celebrates Hispania Day, the Olive Press runs a rule over Columbus SEE PAGE 10
Expats lose millions in life savings through failed investment scheme EXCLUSIVE By Joe Duggan
Brits’ life savings.
through 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
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 15:36 heartbroken
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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.
NOTORIOUS: Disgraced businesswoman Jody Smart
Opinion Page 6
shambolic actions of Continental Wealth Management (CWM). As the Olive Press has exclusively revealed over a string of hardhitting stories, an estimated 300 expat investors lost millions to the suspect company. They included many pensioners, some now dead, across the Balearic Islands and all around Spain. In the latest hearing, Smart, 43, and Alan Gorringe gave declarations in one case linked to three British victims who lost ‘substantial investments’ due to the Alicante-based firm. Solicitors are understood to be deliberating over what legal grounds exist for charges over a series of poor investments and suspicious house transactions in Spain. Each had been asked to provide a ‘declaracion de investigado’ as evidence in the proceedings. Jody, 43, who owns the Jody Bell fashion label, insisted
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PENSION OUTRAGE
Expats lose millions in life savings through failed investment scheme
Balearic hotels €10million bill are facing a EXCLUSIVE lapse that saw over the colthe emergency By Joe Duggan repatriation back to the of over 110,000 UK, many from Palma. HUNDREDS of BritAdministrator ish expats Olive Press ‘theKPMG told the to retrieve are battling debt owed by Monarch to hoteliers sions after their penwill rank as an unsecured £20 millionlosing up to the defunct airline.claim’ against in a failed pension “They will have investment OFF TO OZ: to file a claim to scheme. Boss Kirby the joint administrators and (above) for all Spanish-based the money they team at finan- March charity a spokesman. are owed,” said cial advisory firm bash tinental Wealth Con“It has not been Mandetermined agement (yet) how much (CWM) folded Many of them money will be last had available to creditors.” transferred month obliterattheir Untitled-1.pdf
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that while she was a director she had no involvement in the actual company’s running. She added that she had broken off a relationship with the actual boss Kirby, in 2017, who then allegedly moved to Australia to avoid justice. It comes as a separate case involving 17 claimants has been filed against CWM, which had a high profile and gave various charitable donations. The firm, based out of the Marriott Hotel, in Denia, has been accused of alleged fraudulent pension investment schemes that saw hundreds of expats lose tens of thousands of euros. According to lawyer Antonio Flores, who is representing a number of clients, the firm was investing clients money in ‘highly risky investments as well as dubious funds’. One pensioner told the Olive Press he had lost €210,000 after transferring €470,000 despite saying he had only a ‘low to medium’ attitude to risk. The case continues. Opinion, Page 6
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