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Tuesday, 21 June 2016

An Investment or a Complete Set-Up????

The Group of Investors scammed out of their life savings have discovered that the bank (Banco Esparto Santo) funded Tecnicil 95 Million Euros to build Villa Verde.  The bank took the resort back in payment for the Fund although after the supposed 'liquidation' of Tecnicil and bank ownership, Tecnicil carried on requesting money from Investors and still to date Investors are receiving letters for payment or notification of Termination of Contract (the Contract that the bank has ownership of not Tecnicil).  It was transferred back to the bank unbeknown to the Investors who still thought they had a property.  The main contact at Tecnicil is now working for the government.  The government also received funding from the EU running into millions.  The bank also changed names to Novo Banco who now do not want to deal with 'Toxic Assets'.

This group of investors have now been offered some assistance and things are starting to progress and more investors are coming forward from other resorts where this scam has also happened.  Obviously, Cape Verde does not want to have it's tourism industry damaged, but the property developers, banks and government officials are giving the country a really bad name as word is slowly getting out that Cape Verde is a very unsafe and corrupt country to invest in and deals seem to be set up specifically targeted to scam British and several other countries, including their latest target - Asia!

Not one of the letters recently sent to Tecnicil, Government officials, the bank has been responded to with any concern that makes us think this situation will ever be put right.  It's very depressing for all concerned, but I think this just says it all....

 

Former chief of Banco Espírito Santo under house arrest

Ricardo Espírito Santo Salgado a suspect in alleged offences including forgery and fraud

https://next.ft.com/content/2495cf6a-3383-11e5-b05b-b01debd57852


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