Fadesa - Withholding Return Of Client Deposit Monies

[SallySlann]

Originally Posted by simon clark

The only way I can see if we are going to ever get are money back is taking legal action, but I thinking we could jointly cover the cost of legal action, if anyone is interested please let me know

Simon Clark

We asked for our money back last May and are still waiting!

[redangel7861]

Originally Posted by SallySlann

We asked for our money back last May and are still waiting!

Feed Article | Business |

Very worrying, according to this article the company is very close to insolvency. Very concerned as I have purchased one of their developments in Marrakech (Atlas Golf).

[redangel7861]

Originally Posted by redangel7861

Feed Article | Business |

Very worrying, according to this article the company is very close to insolvency. Very concerned as I have purchased one of their developments in Marrakech (Atlas Golf).

Slightly better article but still worrying:

Martinsa Fadesa reaches debt renegotiation agreement with international funds - Forbes.com

Hopefully the company can pull through this difficult period.

[Mr Ri]

An alternative strategy

I've not invested in the Fadesa properties, but it seems to me that there is another approach that might work out the best for all stakeholders.

Fadesa need cash badly in order to survive, hence they are not going to give you back your monies unless they are absolutely forced to by the courts, and even then, if they are going bust why bother.

Some Fadesa buyers think the product is substandard or not worth the money, and therefore, don't want it any more.

Rather than collectively go through the lawyers and spend a load more money with a risk of getting nothing, why not collectively try to do a deal with Fadesa to take the properties as they are for say 75% of the monies. In a parallel approach Adohha (or another) to complete the properties for the remaining 25%.

Fadesa might just go for this, because they need the money so badly, and at least you end up with the title for an asset. Addoha might go for it, because they have an interest in Mediterrania Saidia being the Plan Azur flagship resort.

The alternative is you could end up with less than nothing - no property, no returned money, just a big legal bill.

Got to be worth a try, I would have thought!

Regards Mr Ri, the home of saidiavacations

[redangel7861]

Whatever the situation with Fadesa in Spain, Fadesa Maroc is 50% owned by Groupe Addoha | Bâtisseurs de bonheur... and Fadesa's own Moroccan corporate vehicles. These interests are ring-fenced so I am confident our investments are safe. The king will not let anything happen to his tourism plan and has a close relationship with the Addoha board.

I believe the Atlas Golf Development in Marrakech is Fully bank guaranteed, so this should give investors some confidence.

[simon clark]

Originally Posted by redangel7861

Whatever the situation with Fadesa in Spain, Fadesa Maroc is 50% owned by Groupe Addoha | Bâtisseurs de bonheur... and Fadesa's own Moroccan corporate vehicles. These interests are ring-fenced so I am confident our investments are safe. The king will not let anything happen to his tourism plan and has a close relationship with the Addoha board.

I believe the Atlas Golf Development in Marrakech is Fully bank guaranteed, so this should give investors some confidence.

this sounds like a reply from someone who works for fadesa, or sales property in Morocco, if possible could I give you some facts, Fadesa are holding a number of clients money for as long as a year, I my case I don't even have a property I was told to sign it over to the new buyer, and 8 months down line I still have not received my deposit back and I can not see when I will receive it back, also I know there is a number of clients who have had major quality problems with Fadesa, I gave them a snagging list 7 months ago, and still none of the work has been down, this is not a case of trying to slag of Fadesa this is just facts.

[redangel7861]

Originally Posted by simon clark

this sounds like a reply from someone who works for fadesa, or sales property in Morocco, if possible could I give you some facts, Fadesa are holding a number of clients money for as long as a year, I my case I don't even have a property I was told to sign it over to the new buyer, and 8 months down line I still have not received my deposit back and I can not see when I will receive it back, also I know there is a number of clients who have had major quality problems with Fadesa, I gave them a snagging list 7 months ago, and still none of the work has been down, this is not a case of trying to slag of Fadesa this is just facts.

Simon.

I take exception to the fact that you have accused me of working for Fadesa!!!! I DO NOT WORK FOR THEM SO CALM DOWN!!!

I have purchased on the Atlas golf development, Marrakech and have already paid two installments towards my purchase, so I have many thousands to loose (like you). I have sent mails to the Fadesa representatives in the UK and the agent who I have purchsed off, and am awaiting reponse from both. As far as I am aware this situation should not effect the completion of the Atlas Golf Development as Fadesa have managed to re-negotiaite their debt payment terms with the creditors.

Building works have not stopped and still continue, until I am assured that Fadesa will complete the whole development I will make no further payments to Fadessa. I recently received pictures of the construction progress on the Atlas Golf Development and things seem to be coming along well. Please take the time and look at the Atlas Golf Thread where I have posted these pictures and you will see that I am not an agent or Fadesa representative!!!

[SallySlann]

And where do the Estate Agents stand in all this?

[camel with three humps]

They are not standing anywhere. They have taken their commission. The agency law covers their position as they are only agents.

If Redangle thinks that the agent will be fighting his corner, he is sadly mistaken, further if you think that the funding that Fadesa has renegotiated last week with the banks was for finishing the properties that you all have bought think again. Martin Fadesa will now focus on Spain as they will not be throwing good many or shall I saw borrowed money on assets that have been sold.

[redangel7861]

Originally Posted by camel with three humps

They are not standing anywhere. They have taken their commission. The agency law covers their position as they are only agents.

If Redangle thinks that the agent will be fighting his corner, he is sadly mistaken, further if you think that the funding that Fadesa has renegotiated last week with the banks was for finishing the properties that you all have bought think again. Martin Fadesa will now focus on Spain as they will not be throwing good many or shall I saw borrowed money on assets that have been sold.

Camel.

I guess time will tell if the product is finished or not. But it is my belief that 50% of Fadesa's Moroccan Assets were sold to Addoha to protect purchasers against this very scenario. If Fadesa fail to finish the product then Addoha will. As far as I am aware it is Addoha who are dealing with all construction issues in Morocco now and the buid in Atals Golf is coming along nicely.

One thing I find quite worriying about you is that you seem to take joy out of others mis-fourtune, I have been reading your comments and you have stated on many occasions "If you deal with Fadesa you deserve everything you get". Now, I suggest you have a little more compassion and understanding or comment less on this issue if you can't add constructive comments.

Gloating on other people's mis-fourtune is not the done thing. Like many institutions in the world, be it banks, Technology companies or construction companies (all other the world, not only Spian), credit is hard to attain. Until the liquidity issue is remedied these companies will struggle in the short-term, but it is my belief that it is not in the interest of Fadesa, Addoha or the Morrocan King to have thousands of unfinished products and unhappy customers in Morocco, the king will just not allow it.

Now you seem to have a problem with people investing in Morocco and have failed on many occasions to answer my question as to where you have purchased in Morocco. I have told you exactly where I have purchsed in Morocco and on what development, why don't you do the same.

With regards to me taliking to the agent, I am aware that he has no influence over this issue, but I have build up a good working relationship with him and I value his opinions. I am in direct contact with Fadesa's UK office and will be persuing this matter further. I know that there is a full bank Gurantee on the
Atlas Gold development, provided by a 1st Tier European Bank. The development is in the La Palameria region of Marrakech which is the most affluent area of this region. I am convinced that the King will not allow an unfinished product in this region as it is the centre peace of the Marrakech area.

Again, I am convinced and quite comfortable that I will get the product I paid for. I believe the issue here is with people not getting their deposits refunded from Fadesa. I feel sorry for these individuals and I hope these issues are resolved soon.