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IFA Group

Start the Week: Anfi continues to Upset Members

Welcome to the start of another week with Inside Timeshare and the start of our second week of “lockdown” or as we prefer “House Arrest”. Here on Gran Canaria and the rest of Spain, the authorities have started to clamp down on movement and unnecessary journeys, they have said that the first week was a period of “adjustment” giving people time to get used to the rules. The military is now out on the streets in support of the police and here on GC, they have been stopping those from the north travelling to their holiday homes in the south. All hotels and tourist accommodation have now been closed with severe restrictions on entry to the islands. Yet we still see many complaints on the many forums regarding the Anfi response to members or as they like to call them “family”.

Last week Inside Timeshare published the article Anfi Members Complain about Anfi Attitude which looked at some of the complaints from Anfi members having to cancel during the current crisis. It highlighted the cancellation charge and the rebooking charge with Anfi offering a “voucher” for accommodation, as long as the member signs the “new contract”, as we said that sounds like “blackmail”.

We know that for the past two years or so Anfi has been attempting to convince “members” to change to the “new contracts” without much success, after all, it has been shown this is just a ploy to stem the tide of legal action against them in the courts.

Yet even in the light of the news published on Friday giving the official notification of the closure of all tourist accommodation throughout Spain, Anfi is still using the same tactics against their members.

The latest letter to be passed to Inside Timeshare is signed by yet another Anfi Customer Services employee doing the bidding of their employers. In this letter to our reader who has had to cancel their booking due to the situation with flights cancelled and many countries going into self-isolation or lockdown, Anfi is still treating members with contempt.

They have told members that unless the cancellation is made “14 days prior to the arrival date”, the member will lose their points as they will not be able to be refunded.

Yet in the next long-winded paragraphs the same use of coercion or “blackmail” is being used, sign the new contract and we will give you a voucher to redeem the lost points!

We all know that the controlling shareholders Hermanos Santana Cazorla SL has a liquidation process underway in the Mercantile Court, published 6 March, (link below). This liquidation has been brought by creditors of the Cazorla company and could have very serious repercussions for the Group and their control of Anfi.

End of the Week and Another Fake Firm Emerges

In the light of the financial problems of the Cazorla’s, it is fair to surmise that the Cazorla Group are just trying to make as much as possible before they lose it all. It also brings the question of how the IFA Group, considering they have no control over Anfi, view this blatant abuse of members?

The full email is published below:

Dear XXXXXXXXXX,

Thank you for contacting us and I hope this e-mail finds you well.

The latest a booking can be cancelled is 14 days prior the arrival date, from there that your points cannot be refunded.

We would like to take this opportunity to advise you that at the moment and to update our database, we are offering the option to make amendments (remove/add new holders, transfer the membership to your children, or simply update the agreement under the new terms & conditions) free of charge. This way we will be able to give you an accommodation voucher, to at least recover this week.

If you wish to take this option, We will proceed in sending you an updated contract for Club Gran Anfi, for you to then sign and send back. There will be no cost for this at all. Depending on your request, we will have to advise you on the documents required.

Following the new legalisation, the physical apartments and weeks behind the floating weeks will appear on the updated contract, which is what was provided to the Trustee on the day of signing. There is also a new system in place which allows for the floating member to recuperate the fixed inventory behind the floating week, if they so wished, after five years. Obviously there is no obligation to do this and if no notification is made, the weeks automatically continue to be used as up and until now.

I hope this can be of some interest to you.

Looking forward to hearing from you and please keep safe.

Regards,

Fátima Camejo

Anfi Group

Customer Service Department

Phone: +34 928152990/ Ext: 5685

Fax: +34 928736422

www.anfi.com

anfi-group-footer Sep 2019

This message is intended exclusively for its addressee and may contain information that is CONFIDENTIAL and protected by legal privilege or whose disclosure is prohibited by law. If this message has been received in error, please immediately notify us via e-mail or by telephone (+34 928 152990) and delete it. Please note that Internet e-mail neither guarantees the confidentiality nor the proper receipt of the message sent. If the Addressee of this message does not consent to the use of Internet e-mail, please communicate it to us immediately.

This letter is very clear unless you the member “signs the new contract” you will lose your weeks/points where you have had to cancel bookings, regardless that there are no incoming flights and the fact the resort has to legally close Anfi do not see this as a valid reason to curtail the normal cancellation rules.

So far, Inside Timeshare has not received or found any similar complaints about any other timeshare resorts on this matter, it seems that Anfi is the only one that is not treating their members with the respect that they deserve.

This situation is now beginning to change the attitudes of members who were loyal to Anfi giving them the reasons to now seriously look at ending their contracts and recouping their purchase price through the courts. Anfi has only scored a home goal with their attitude.

Have you had enough of being treated with contempt after years of loyal membership?

Would you like to know where you stand legally with your contract?

If you answer yes to these questions and would like further information, please use our contact page and Inside Timeshare will get back to you.

Inside Timeshare wishes you all the very best and stay safe.

Anfi Partner IFA Group Holds AGM

On Thursday 18 July 2019 in Duisburg Germany the Annual General Meeting of the IFA Group, which is a publicly owned company and listed on the stock exchange was held. IFA Group which also includes since 2016 via IFA Canarias SL and Anfi Invest AS owns a 50% stake in the Anfi Group which they purchased from the Lyng family for 41.3 million Euros in September 2016.

After a capital increase which is intended along with other things to acquire the remaining 50% share of Anfi, the company has a balance sheet totalling 467 million Euros, it is also now 76% owned by Lopesan Touristik SA of Las Palmas de Gran Canaria. The operating results after adjustment were only €7.4 million before tax due to various special items. With a positive contribution by IFA Canarias SL of €3.8 million including Anfi with € 2.4 million.

Anfi Gran Canaria

Although Anfi is jointly owned with a 50/50 split between IFA and the Cazorla Group, IFA actually has no say in the company as Cazorla has the “Golden Share”. Giving them total control, this is how it looks:

Grupo Santana Cazorla SL has a double vote on all the key decisions, with IFA only having 33% of the voting rights on these decisions. After the acquisition of the Lyng share, it became apparent that IFA is unable to actively participate in any financial and business policy decisions due to company-contractual agreements. Grupo Sanatana Cazorla SL, in fact, excludes IFA any participation in all business decisions, even important business meetings are held and conducted without IFA. But even so, IFA was able to acquire the balance sheets of the Anfi Group.

IFA has basically confirmed that it is being kept more or less in the dark and have no idea what is going on inside Anfi. This does look like Anfi is holding back very important information regarding their position from its own shareholders, this is definitely no way for a company to operate.

During the Annual General Meeting in Duisberg, the most interesting part was the questions and answer sessions. Unfortunately, these are not required to be published unlike the report of the AGM which should be published in around 1 month.

Due to the presence of Anfi insiders (including Inside Timeshares source), the IFA board was totally overwhelmed with questions concerning almost all the problems of Anfi. There was nothing left out and of particular importance were the questions regarding the solvency and the wave of complaints. Our source has limited these to only a few concrete statements:

  1. By 31 December 2018 there were around 1,000 complaints at court;
  2. The complaints would only lead to a deferred resale of withdrawn weeks;
  3. In all cases Anfi claims it looks for agreement out of court;
  4. Anfi has formed a €15.5 million risk reserve for that eventuality, (does this mean that IFA also has to contribute the same amount?);
  5. IFA sees Anfi as solvent with some bearable risk;
  6. A full takeover of Anfi is planned within the next 5 years:
  7. There are also negotiations with the Mogan Community about a hotel in Tauro;

What we also know about this “partnership” is that IFA claims they were not aware of the “Cazorla Golden Share” until after they purchased the 50% from Ragnar Lyng. It was also confirmed by IFA that they have very limited access to the running of the business and information. This poses a very important question, as IFA is a multinational public company spending millions on this purchase, is it conceivable that they did not perform due diligence before committing to the purchase?

It has also transpired that IFA was also unaware of an article published in La Provincia in March 2019 that Anfi was employing delaying tactics with payouts ordered by the courts. Inside Timeshare found out after consulting CLA that there is €57,800,000 worth of claims. This now begs the question if IFA matches the 15.5 million set aside by Anfi bringing the total to €31 million, who will cover the rather large shortfall?

One thing is for sure, IFA is a very valuable company, they have recently spent $481 million on their new resort in the Dominican Republic, The Lopesan Costa Bávaro Resort, Spa & Casino which is a luxury 5-star hotel.


Costa Bávaro Resort, Spa & Casino Dominican Republic

So even with the Cazorla’s transferring funds between accounts to delay court-ordered payouts, IFA is in a very good position to cover these costs. For claimants this means only one thing, claim payouts will be 100% guaranteed.

It must also be pointed out that the number and value of claims set for the court is only the tip of the iceberg, this may yet rise significantly, especially with Anfi attempting to force members into new contracts. We have already seen two attempts with very little response from the membership.

There are many other questions which need answering but the one that comes up though enquiries to Inside Timeshare most often is if IFA does take full control of Anfi, where does this leave the members, will IFA continue with the “timeshare model”?

The answer that question still eludes everyone.

The one thing that is certain with the IFA revelations and this is great news for clients of CLA with cases in court is that they will now get paid when the court orders the return of their money.

Link to La Provincia article on Anfi delaying tactics.

https://www.laprovincia.es/economia/2019/07/13/grupo-lopesan-inaugura-primer-hotel/1192941.html

Link to IFA stock market information.

https://www.finanzen.net/aktien/ifa_hoteltouristik-aktie