Inside Timeshare has received information from one of our readers involving Silverpoint in Tenerife, it is to do with the so-called “Company Participation” scheme they have been selling.
In this scheme, the clients for considerable amounts of money, in many cases in excess of more than 150,000€, clients purchase not shares but “participations” in companies set up to hold “freehold” apartments, which will then be rented out by Excel Resorts. (Allegedly).
Having seen the documents for this scheme, it doesn’t leave much to the imagination that they are not in the best interest of the clients.
This reader has been contacted by Ali Farhoud one of Silverpoints sales people by email, in this he tells the client what we already know, that Excel Resort Management have cancelled the rental contract with Silverpoint.
This does look like Silverpoint are no longer in a position to generate a sufficient rental income to satisfy their contractual promise to their clients who have purchased the participation scheme.
Apparently Mr Farhoud told our reader that he had helped clients sell their apartments with genuine sales companies. But he also added that many companies had said that the apartments with leases concluded with Excel were not saleable.
He has taken on the services of a lawyer, (we wonder if it is the same one Silverpoint use), on behalf of the clients and that the necessary Power of Attorney was being sought from the clients.
Having studied this scheme and reading the documentation, it is Inside Timeshares opinion that extreme caution should be exercised before signing any power of attorney. Do not rely on any lawyer appointed on your behalf, as with any business or property transaction you should always engage your own independent legal advice.
Continuing with our David Cox / TESS theme, we have just been told that it looks like Mr Cox is about to retire and that he is trying to find a buyer for his pathetic excuse of a company TESS Para Legal Ltd! To be perfectly honest who would purchase any company that has been associated with this individual?
It also begs the question where is this going to leave all his clients?
You have seen the list of his history with different companies, not the most impressive CV with many leaving debts in their wake!
He also seems to be a bit of a delusional character, a Walter Mitty if you like, according to Company House records he is Director of the following company:
According to the records the company is listed with its activities as:
80300 – Investigation activities
82990 – Other business support service activities not elsewhere classified
So does this mean he is also a “Private Detective”?
The address given is also very interesting, according to Google Maps and Street View, it is comprised of two rather large detached houses, number 39 and then number 41, two separate properties.
According to Zoopla, number 39 has a value of £411,000 and was last sold in August 2007. Number 41 has nothing listed for price or when last sold.
So either the registered address for his company is the two homes, or he has not been economical with the truth when registering his company!
On that point we leave it for you the reader to decide!
The Court of First Instance No 2, in Maspalomas, Gran Canaria, has just issued the following sentence. Anfi have been ordered to repay one of their clients a total of 70,000€ plus legal interest, with the contract being declared null and void. The infringement of the law in this particular case is the length of the contract, it was one in perpetuity, when the law only allows for a maximum period of 50 years.
If you have any questions or concerns regarding any part of this article, or would like to know where you stand with any product purchased, then use the contact page and get in touch.
Have you been called or found a company on the internet and want to know if they are genuine, then contact Inside Timeshare and we will point you in the right direction.