Banco Popular told to repay Almanzora Country Club victims 115 million euros

Banco Popular must repay victims of the Almanzora Country Club scam 115 million euros, according to La Voz.

Totana Court Nº 4 has decided that although Banco Popular never issued individual purchase guarantees, since it accepted the deposits as guarantee to issue a promoter loan to the builders, the bank is liable under law for the lost deposits.

Almanzora Country Club after being stopped

Over a thousand mainly British expats were ripped off in the ACC urbanisation by buying offplan. Deposits were handed over ranging from a few thousand euros to well over a hundred thousand. Banco Popular must repay this money plus interest.

Huma Meditteraneo went bust after the environmental police raided the complex and stopped work in 2005. The massive complex was being built without any permissions or licenses, other than a simple obra permit from Cuevas townhall.

Boss Antonio Subiela was later jailed for one year (but never entered prison, I imagine) and fined (but probably never paid a penny).

I expect Banco Popular will now appeal this ruling and drag it on for a further 5 or 10 years.

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