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viernes, 1 de julio de 2016

BANKS SENTENCED TO REFUND DEPOSITS TO BUYERS IN ALBATERA GOLF AND EL PINET (SAN JOSE INVERSIONES)

On the one hand, Alicante Appeal Court has just confirmed BBVA's liability for the deposits paid by purchasers in Albatera Golf. On the other hand, Alicante First Instance Court nº 5 has sentenced SGR and BBVA to refund deposits to several buyers who invested in properties in El Pinet.

Legal grounds on both judgements are similar: lack of individual bank guarantees is not enforceable against buyers, as long as Banks signed generic agreements where they committed to provide those to our customers.

In the specific case of BBVA, it has been also sentenced as depositary banks, because deposits were paid into the accounts they opened in San Jose's name and, consequently, Bank assumed the liability to request the individual bank guarantees.

Obviously this is a big achievement to our clients, who will finally recover the money they invested and they didn't expect to recover. And we are really pleased about it.

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