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Arenal 2000 Providing Invalid Bank Guarantees to Clients
Marbella Lawyers - 2004-08-26
- The situation with Arenal´s bank guarantees was bought to our attention when we received a batch of 15 original bank guarantees from the developer. These original documents, issued by a company named Compagnie des Garanties S.A, were subjected to the normal search our firm carries out, and the following surfaced: The above company, Compagnie des Garanties de Luxembourg, is not registered in Spain as a company, does not have an office and most importantly, is listed in the Ministry of Economy website, Insurance General Directorate section, as NOT being authorised to provide any service related to insurance in Spain. This is enough warning for anyone to stay clear from them and therefore not further investigation is required.
http://www.dgsfp.mineco.es/DGSFP/Informacion+al+publico/EntidadesNOautorizadas.htm
http://www.dgsfp.mineco.es/docs/internet/EntidadesNoautorizadas.pdf
And in a less formal way, this company is mentioned in a scam alert site (below).
http://www.apestan.com/historias/2003_09/compagnie_des_garanties.html
- On an email sent to us by the insurance broker (BKS Group, Correduría de Seguros, S.A.), copies of a number of official letters from the Regional Autonomous Governments, authorising the company to operate within their jurisdiction, are attached.
These ´official´ letters lack any legitimacy inasmuch as regulation of insurance business in Spain is under the exclusive supervision of the DGS (Dirección General de Seguros) and as far as I am aware no regulatory changes have been passed. Moreover, I am very suspicious as to the genuineness of these letters, but only further investigation will be able to confirm this point. In summary, it is not acceptable that Arenal 2000 S.A. and Arenal Sur S.A., having used Deutsche Bank initially to guarantee the reservation deposits, decides, unexpectedly, to stop using them and resort to a very doubtful organisation as the guarantor of many million Euros of foreign investors in Spain, risking their reputation but above all, the hard earned monies of their clients.
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