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Arenal Group Suspends Invalid Bank Guarantees

Arenal Group Rectifies and Suspends Utilization of Invalid Bank Guarantees

Devwatch - 2004-09-07

Some weeks ago our legal team discovered that Arenal 2000 was employing the services of a rogue insurance company named Compagnie Des Garanties de Luxembourg to provide cover to consumers in the form of bank guarantees.

We informed Arenal 2000 straight away, who immediately realised the danger of such a practise, and decided unilaterally to suspend the use of these insurance policies.

We are aware that they are now using the bank guarantees from Deutsche Bank, unquestionably authorised to provide cover to consumers, and that the works at Arenal Golf progress satisfactorily.

Well done Arenal Group!

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