Fadesa - Withholding Return Of Client Deposit Monies

[Lee Filkins]

subject

Please read my posting again. Fadesa is in Liquidation. So that means there is no money to pay out. Photographs or not !!!!

 

[christinedcampbell]

Please read my posting again. Fadesa is in Liquidation. So that means there is no money to pay out. Photographs or not !!!!

Yes I get that !!

Point is , THEY are asking us for MORE money for the moorings. We want to REDUCE this figure in view of the other rubbish.

Makes sense doesn't it?

 

[Lee Filkins]

subject

Yes, it sounds sense to you & me with a Anglo saxon thinking. The contract will not cover all the issues that you raise.

Even, if Fadesa was not in Liquidation you would not have been able to claim from them, as they were a very poorly managed company.

 

[christinedcampbell]

Yes, it sounds sense to you & me with a Anglo saxon thinking. The contract will not cover all the issues that you raise.

Even, if Fadesa was not in Liquidation you would not have been able to claim from them, as they were a very poorly managed company.

Do you think it is the Liquidators requesting the completion monies on the Moorings?

 

[christinedcampbell]

Do you think it is the Liquidators requesting the completion monies on the Moorings?

I've just checked the paperwork ...letter comes from Cofias Home Maroc, Marina Saidia plus 'Groupe Fadesa Maroc'!

 

[SallySlann]

I thought ADDOHA now part owned Fadesa Maroc and there was no foreign investment.

 

[Mr Ri]

Sally. Addoha own 100% of Fadesa Maroc. Rgds David

 

[SallySlann]

So are they in liquidation or not?

 

[Mr Ri]

Addoha are not in liquidation.
Fadesa Maroc are not in liquidation (they are owned by Addoha)

Fadesa (the Spanish company) are in liquidation. When Fadesa got into trouble they sold Fadesa Maroc to Addoha.

In my opinion, it is unlikely that there is a contractual linkage between the moorings and the property. Nevertheless, these are unusual times and I would suggest that you should negotiate as hard as you can while you have some leverage.

Rgds

 

[just-alex]

legal action Morocco...overview

HI, I am just catching up on the forum after a bout of illness........for what its worth my take on the comments on the forum posting over the last months are as follows>.......
First.....to whom did you pay your money?......the company structure is that SAS Mediterrania who are the holding company for the site at Saidia are named in the initial contracts. They were always responsible to Fadesa Maroc who back in 2006/7 kept a very low profile with no published phone numbers or website. Back then Fadesa in Spain were keeping a tight hold on the purse strings and it was very difficult to establish who was responsible legally. Communication with the companies involved established that each was blaming the other and evading financial responsibility.

secondly.......if SAS Mediterrania and therefore Fadesa Maroc are now responsible since the demise of Fadesa in Spain, and they are wholly owned by Addoha......presumably Addoha are legally now responsible.

However, I recently read a rather worrying article in the Observer which suggests that overseas property companies that have a Royal or Government connections may be impossible to sue as no lawyer would touch the case.......Yet, I cannot believe that the King of Morocco, who is trying to open up and modernise his country, would wish to compound the so far disastrous state of affairs in Saidia by having his legal system held in contempt also!!!!

I too contacted a legal firm in Casablanca with a detailed letter asking for help,listing specific questions but received no answers to my questions, no advice or information on their charges....they simply sent a one line response saying they could 'write a letter'. I repeated my request for assistance in what I should be claiming and what they would charge but received no response.

Interestingly, as we speak the Spanish legal system re overseas investors is now under scrutiny by the EU Commission who are considering taking sanctions against Spain in terms of contributions made to the EU.

Perhaps we should be writing a direct open letter to the KIng of Morocco.?

 

[barry.flash]

saidia - shared concerns July 09

HI, I am just catching up on the forum after a bout of illness........for what its worth my take on the comments on the forum posting over the last months are as follows>.......
First.....to whom did you pay your money?......the company structure is that SAS Mediterrania who are the holding company for the site at Saidia are named in the initial contracts. They were always responsible to Fadesa Maroc who back in 2006/7 kept a very low profile with no published phone numbers or website. Back then Fadesa in Spain were keeping a tight hold on the purse strings and it was very difficult to establish who was responsible legally. Communication with the companies involved established that each was blaming the other and evading financial responsibility.

secondly.......if SAS Mediterrania and therefore Fadesa Maroc are now responsible since the demise of Fadesa in Spain, and they are wholly owned by Addoha......presumably Addoha are legally now responsible.

However, I recently read a rather worrying article in the Observer which suggests that overseas property companies that have a Royal or Government connections may be impossible to sue as no lawyer would touch the case.......Yet, I cannot believe that the King of Morocco, who is trying to open up and modernise his country, would wish to compound the so far disastrous state of affairs in Saidia by having his legal system held in contempt also!!!!

I too contacted a legal firm in Casablanca with a detailed letter asking for help,listing specific questions but received no answers to my questions, no advice or information on their charges....they simply sent a one line response saying they could 'write a letter'. I repeated my request for assistance in what I should be claiming and what they would charge but received no response.

Interestingly, as we speak the Spanish legal system re overseas investors is now under scrutiny by the EU Commission who are considering taking sanctions against Spain in terms of contributions made to the EU.

Perhaps we should be writing a direct open letter to the KIng of Morocco.?

---------------------------------------------------------
Hi

excuse my complete ignorance
Just joined this site after being asked for final stage pay't on The Greens

Very concerned.

How do I get in touch with fellow concerned members?

Any help gratefully rec'd
B

I'm happy to send my email address??

 

[christinedcampbell]

concerns..

---------------------------------------------------------
Hi

excuse my complete ignorance
Just joined this site after being asked for final stage pay't on The Greens

Very concerned.

How do I get in touch with fellow concerned members?

Any help gratefully rec'd
B

I'm happy to send my email address??

Hi Barry,

Fairly new myself, and have not found this site terribly helpful. I have spoken with Alex, and you get one-liners stating the obvious. We have not been able to progress our problem..we have paid for a house, and have still to complete on moorings. No one replies, lawyers want lots of cash up front, but I believe that they dont want to get involved as the King is pro Saidia. I'm told that a recent 'launch' of the project was quite impressive and that long term the development will be OK (like 10 years) If you bought to invest, thats a long wait, and forget rental incomes, if you wanted a home fo the winter months like we did, then you have to get out there and face it. Depending on what you have to pay (and loose deposit) we would back out given our time again and try to forget it. We are proceeding because we hope we can recoup something for the ghastly state our house is in, by getting a reduction on our moorings, but its a long shot.
you can email on [email protected] if you wish.

Best regrads.

 

[sheila williams]

Legal Representation for refunds

Hi has anyone successfully obtained their deposit from Fadesa or appointed legal representation to take the steps to do so?

Please contact me if you have any information on this as soon as possible.

Sheila Williams

 

[christinedcampbell]

Hi, I do not think anyone has, however, the firm below appear to have been engaged by a few people. Naturally they all want cash up front. Good luck.

Oulamine Law Group
Djamila Hamel
Juriste
2, rue Abou Faid Masri, Gauthier-Casablanca, Maroc
Tel: (+212) 22278 494
Fax: (+212) 22 228 286
[email protected]
cabinet d'avocat d'affaire - casablanca - maroc - Business lawyers - morocco


Regards

 

[leemar]

Adoha/Fadesa- 'Terms of Completion'

Hi has anyone successfully obtained their deposit from Fadesa or appointed legal representation to take the steps to do so?

Please contact me if you have any information on this as soon as possible.

Sheila Williams

Sheila

I am a buyer on Magnum (RT1),which is being constructed by Adoha/Fadesa. I have posted a new thread on this forum earlier today which you may wish to refer to.

The title of the new thread is Magnum (RT1) at Saidia.

Within the proposed 'Terms of Completion' will be provisions dealing with the right for buyers to recover their deposits in the event that they do not wish to proceed to completion.

Whilst the 'Terms of Completion' document is for Magnum buyers, it may be that disgruntled Fadesa client's generally could unite to take colllective action to recover their deposits.

Thanks

 

[SaidiaSpy]

As a rule, GFM are not handing out cash to any buyers wishing to pull out. Their line is: "We will repay your deposit less penalties only once we have found another buyer for your property".

So, come the day buyers materialise you might - after very long wait and lots of hassle - get some of your deposit back. The options are:

1) You might as well try and find a buyer yourself. Effort and time required. Buyers scarce at any price.
2) You go ahead and complete (if you can afford to) and try and make the property pay for itself by letting it out.
3) Sit back, do nothing and get the run-around from GFM. Forget about it all and get on with your life. Set up annual reminder in your calendar to contact GFM to see if they have sold it. Would they tell you the truth if they have?

Not a great state of affairs, but here we are. Keep an eye on the big picture - this is a GLOBAL downturn. Most other property projects are in simalar parlous states of affairs; some worse.

This project was always a long-term play.

If you bought it to flip it for a quick profit - well boohoohoo. Your greed got the better of you. Your timing was off. Now tell somebody who cares. If it had worked out you would have thought you were a genuis.

If you bought it as a long-term investment, then this objective is still feasible. Letting it out is getting people returns, if only to pay for the furnishing and equippng in the first 2 years. But that's still better than just having the property sitting there.

If you bought it to live there for part of the year, then this too is feasible. There is a supermarket, banks, post office and other shops on-site nowadays. The development has made progress in the last year. You can play golf all year round now. You can choose from a range of restaurants every night now.

It is easy to sit at home viewing the world through postings on forums. This is a mistake. Get off your behind and go and see the resort for yourself. Make up your own mind. See the progress and see the potential whilst remembering the world state of affairs.

If you don't have the money or the guts to see this out, then bleating on a forum is going to get you nowhere. Get a bunch of like-minded people together, craft a good letter detailing your experiences and complaints (make no threats),get everyone to sign it and get it to the King of Morocco. Anything less and you are wasting your time. Simple as that.

When last did you visit the resort?

I was there last week and liked most of what I saw.

SaidiaSpy

 

[Mr Ri]

SaidiaSpy

While I fundamentally agree with your practical assessment of the situation with GFM and Saidia, I think there is also a group of buyers who feel the product they were sold has not been delivered (multiple contract breaches, poor quality construction, etc). In these cases, then GFM should be returning deposits, and the disappointed buyers should be encouraged to take the necessary legal action to ensure this happens.

To not take this action would effectively encourage other developers and agents to misrepresent their products, and employ similar tactics to GFM.

There are also buyers (worthy of our support) who are attempting to encourage GFM to make the product fit the contract or compensate for deficiencies.

Personally I'm convinced that Saidia has much to offer. Visit the resort now and you will get a better feel for the investment potential. If you have a property, furnish it and rent it out and get some returns. Most furnished rental properties were full all this summer.

 

[Malcdavidson]

Saidia-Oasis

SaidiaSpy

While I fundamentally agree with your practical assessment of the situation with GFM and Saidia, I think there is also a group of buyers who feel the product they were sold has not been delivered (multiple contract breaches, poor quality construction, etc). In these cases, then GFM should be returning deposits, and the disappointed buyers should be encouraged to take the necessary legal action to ensure this happens.

To not take this action would effectively encourage other developers and agents to misrepresent their products, and employ similar tactics to GFM.

There are also buyers (worthy of our support) who are attempting to encourage GFM to make the product fit the contract or compensate for deficiencies.

Personally I'm convinced that Saidia has much to offer. Visit the resort now and you will get a better feel for the investment potential. If you have a property, furnish it and rent it out and get some returns. Most furnished rental properties were full all this summer.

Malc Davidson writes

Anyone who wants their money refunded should go to the Saidia-Oasis thread where we are organizing this. We need as many people as possible to form a class action and so reduce costs. There will be contact numbers in due course
but please give us your's so we can get in touch.

 

[pete e]

pete e

HI, I am just catching up on the forum after a bout of illness........for what its worth my take on the comments on the forum posting over the last months are as follows>.......
First.....to whom did you pay your money?......the company structure is that SAS Mediterrania who are the holding company for the site at Saidia are named in the initial contracts. They were always responsible to Fadesa ***** who back in 2006/7 kept a very low profile with no published phone numbers or website. Back then Fadesa in Spain were keeping a tight hold on the purse strings and it was very difficult to establish who was responsible legally. Communication with the companies involved established that each was blaming the other and evading financial responsibility.

secondly.......if SAS Mediterrania and therefore Fadesa ***** are now responsible since the demise of Fadesa in Spain, and they are wholly owned by Addoha......presumably Addoha are legally now responsible.

However, I recently read a rather worrying article in the Observer which suggests that overseas property companies that have a Royal or Government connections may be impossible to sue as no lawyer would touch the case.......Yet, I cannot believe that the King of Morocco, who is trying to open up and modernise his country, would wish to compound the so far disastrous state of affairs in Saidia by having his legal system held in contempt also!!!!

I too contacted a legal firm in Casablanca with a detailed letter asking for help,listing specific questions but received no answers to my questions, no advice or information on their charges....they simply sent a one line response saying they could 'write a letter'. I repeated my request for assistance in what I should be claiming and what they would charge but received no response.

Interestingly, as we speak the Spanish legal system re overseas investors is now under scrutiny by the EU Commission who are considering taking sanctions against Spain in terms of contributions made to the EU.

Perhaps we should be writing a direct open letter to the KIng of Morocco.?

hi new to this site,I also bought at the greens in 2006,is their any news on how to get any money back,due to complete in late August.Pete

 

[donotinvestinmorocco]

Received my REFUND today..cant believe it!!!

I dont beleive it, I received a phone call from Fadesa last Thurs, telling me, my bank transfer would be done in GBP, and today I have received my refund of my Atlas Golf purchase less 25% , which with the currency in our fav turns out to be less 15%

Cant believe after nearly 20months from my cancellations, but 14 months from
them acknowledging it, of constant calling and emails plus 2 visits.

I have my Money...good luck to others...