Fadesa overvalued its Antas land by 3000%

Martinsa Fadesa, the huge builder that recently went bust owing billions, and the company behind the Ballabona golf course project in Antas (never built, but planned to be part of Llano Central, but we can forget about that now) artifically revalued it’s holdings in Antas and Lucainena de los Torres by 3000%. To be brief, they brought the land for €4,2 million, but put it down as an asset worth €132 million. It was thanks to this, plus the same trick pulled in two fincas in Cadiz, that Fadesa claimed a profit large year, auditors who are going through the bankrupt companys books claim.

Ballabona fince is the large orange grove by the motorway past Antas towards Huercal Overa (look for the petrol station with a large “Ballabona” sign). It was going to be epic, everyone claimed. Currently, I should think the administrators are thanking the gods for the rent the orange farmers are paying.

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