legal position on faseda going into administration

[sharmock]

i have bought an apartment in apt5, through larionovo and have paid a deposit and two other payments, what is the legal position regarding the money i have paid.

i would be grateful for any comments

[riaz]

i don't think you should worry too much.

Fadesa maroc is NOT fadesa. Itwill probably be bought by Aldoha, who will do a good job. They are moroccans and i am sure their heart is also in it.

[Pepe Le Pew]

i have bought an apartment in apt5, through larionovo and have paid a deposit and two other payments, what is the legal position regarding the money i have paid.

i would be grateful for any comments

Hi Sharmock,

Is Larionovo still trading? It doesn't matter now, anyhow.

Whilst agreeing that Fadesa Maroc is a separate entity from Martinsa Fadesa, we all know locally how closely they are linked and funded by the mother company.

I deal with Addoha on a daily basis and they are not too keen to give priority to sorting out the monumental mess that Fadesa Maroc have made in the country. They will press on with their particular interests and with their own generated clients and collaborators. Their relationship as at today with anything remotely smelling of Fadesa or any of it's associated companies is as cold as the Russian Tundra.

Yes, they (Addoha) will take over the remaining 50% of the venture from Fadesa Maroc but their legacy will be left at the bottom of their in tray, and that includes the agents and the clients.

I wouldn't think about it Sharmock, get your lawyer to verify that there is a Bank Guarantee in place, number one, number two, that the guarantee has been registered and that the plot of land, AP5 in this instance, has planning permission (licence). If there is none of the above issues you are at risk.

Hope eveything works out for you.

Pepe

[davmel]

Shamrock,
I too have bought through Larionovo and there are Bank Guarantees in place. There is no reason (yet) to believe that this project will not materialise and deliver. For example, one true test is if the contractor on site in alcudia smir has stopped working and this is not clear.

You should be in possession of the original bank guarantees and while they can be difficult to collect against, ask your lawyer to clarify their validity date and the conditions for calling them down.

Davmel

[az]

I have bought an appt in AP5 from Fadesa through a company called Profile Africa. Have paid 28% to this company. No contract from fadesa yet. In AP5 not a single brick has been laid...nor a foundation put in. What is my legal position with this company? Can I request my money back?

[ScottieDog]

Received a couple of days ago

"Following the various articles published in the press lately about the financial situation of Martinsa-Fadesa (Spain), Groupe Fadesa Maroc S.A. would like to inform their clients that:

Groupe Fadesa Maroc S.A. is an independent entity, under Moroccan law, with its own management and board of directors.

Mr Anas Sefrioui, chairman of Groupe Addoha, is also chairman of Groupe Fadesa Maroc S.A.

Groupe Fadesa Maroc S.A. carries out its commercial activities exclusively in Morocco.

Groupe Fadesa Maroc S.A. does not receive financial assistance from any other foreign institution.

All of the company's assets are in Morocco.

Groupe Fadesa Maroc S.A. will assure the continuity of its projects according to the plan set by its managerial group"

[Pepe Le Pew]

Received a couple of days ago

"Following the various articles published in the press lately about the financial situation of Martinsa-Fadesa (Spain), Groupe Fadesa Maroc S.A. would like to inform their clients that:

Groupe Fadesa Maroc S.A. is an independent entity, under Moroccan law, with its own management and board of directors.

Mr Anas Sefrioui, chairman of Groupe Addoha, is also chairman of Groupe Fadesa Maroc S.A.

Groupe Fadesa Maroc S.A. carries out its commercial activities exclusively in Morocco.

Groupe Fadesa Maroc S.A. does not receive financial assistance from any other foreign institution.

All of the company's assets are in Morocco.

Groupe Fadesa Maroc S.A. will assure the continuity of its projects according to the plan set by its managerial group"

Honestly, you British are a salesman's dream...

Do you actually know who you are dealing with here?

Watch this space and hold on tight to your Bank Gurantees putting your faith in the almighty prophet that they have been regsitered by the look over the shoulder and quite useless Fadesa people.

Greeting from the oldest building site in the world, Mediterrania-Saïdia, courtesy of Mr Fernando Martín and his bunch of wanabees...were.

Pepe Le How could there be so many self harming people out there