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La Provincia

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

La Provincia: Anfi Director Declares Lawsuit Between Cazorla Brothers

Over the past couple of days Inside Timeshare has been reporting on the report by La Provincia (6 November) on the case being heard at the Court No. 1 San Bartolomé de Tirajana, between Santiago Santana Cazorla and his brother Miguel Santana Cazorla, for unfair administration of funds and another of imposition of abusive agreements.

It is alleged that Miguel authorised an unjustified payment of indemnity of 718,000€ to Arturo Ramirez for the position of “Institutional General Director”, a position that Santiago Cazorla claims Ramirez did not hold. It is claimed that it was a post created to justify the bonus in a pact instigated by the partners and Miguel Cazorla.

In his lawsuit Santiago Cazorla not only implicates his own brother but also includes some of his most trusted and closest partners such as Arturo Ramirez and including Manuel Fernández and Martin Suárez, who are also administrators of several other companies.

In testimony to the Judge, José Luis Trujillo, who was at the time these event took place the Director at Anfi, spent almost an hour in the presence of his lawyer and legal representatives explaining why this money was paid to Ramirez and what has happened to it.

José Luis Trujillo leaving the Court of San Bartelomé de Tirajana

Another aspect of the Lawsuit alleges that the “Institutional Director” had also provided professional service to Anfi Sales and Anfi Resorts during the periods of 29 March 2012 until 10 April 2018. It is alleged that he did not hold this position for which he was paid and also no contract.

Santiago Cazorla also states in his complaint that the defendants took advantage of their positions as directors of the companies, using their positions “of control of administration to effect this compensation”.

In a document presented to the judge it states that Miguel Santana Cazorla and Manuel Fernández ordered Banco Sabadell to make the transfer from Anfi Sales Accounts. Therefore the Judge has requested from Anfi Sales and Anfi Resorts minutes of the meeting when the Board of Directors agreed the compensation to Arturo Ramirez. The court has also requested the bank to provide all documentation regarding this transfer.

In the next few weeks all four defendants will be summoned before the judge, with Miguel Santana Cazorla appearing on 26 November.

Inside Timeshare will keep you updated on events as they unfold.

One thing about Anfi is they do always keep us riveted with all their (dodgy) dealings, so it doesn’t surprise us one iota that the brothers are now also at loggerheads!

We just wonder how all the members at Anfi feel about what has been going on, after all it is supposed to be their club and it is their money that is being misused. We also ask the question of those who are on the committees and have constantly supported Anfi under the Cazorla’s what they think now and will they continue to be stool pigeons for them?

PDF of the La Provincia article

La Provicia Translation

PDF of the translation

La Provincia Article Translation to English

Mid Week Round Up

It is with great sadness that Inside Timeshare announces the passing of Leo Gomez last Friday. Leo was a Vietnam Veteran with two Purple Hearts and was suffering from pancreatic cancer, he was 100% disabled from exposure to Agent Orange, he was also battling against Diamond and Barclays. His story was published here in our Friday’s Letter from America on 21 September, you can read his story at the links below.

Inside Timeshare and all the Advocates of our Diamond Resorts Owners Advocacy page offer our sincerest condolences to his family.

R.I.P Leo

http://insidetimeshare.com/fridays-letter-from-america-22/

https://www.opednews.com/articles/A-Fourth-Agent-Orange-Vete-by-Irene-Parker-Fraud-180917-513.html?fbclid=IwAR2P3xMxMwZt3_L5j2j6O5ZkjDFhrk0QYCn-Ai58wrOA2iw-L1-TI7yymbk

Yesterday we broke the news published in La Provincia, that the Cazorla brothers Santiago Santana Cazorla and Manuel Cazorla, are battling each other in court, it revolves around a dispute for the payment of an indemnification of 718,000€ to Arturo Ramirez, a partner of Manuel Cazorla, for the position of general director at Anfi. It appears that this title has never existed and he has never worked in such a position. It also appears that this position was invented to justify payment from Anfi funds.

https://www.laprovincia.es/gran-canaria/2018/11/06/director-anfi-declara-pleito-hermanos/1114520.html?fbclid=IwAR3ToH-WH_qkGKX4JCi9JB9sFFXZMLs0WCgMPoX5UyIe76wNuB33eYSR_UY

We wonder how the Anfi members now feel about this along with all the other scandals that have been taking place. One thing is for sure there is never a dull moment when it comes to Anfi. (See link to previous articles)

http://insidetimeshare.com/great-anfi-battle-partners/

http://insidetimeshare.com/the-great-anfi-battle-of-the-partners-round-2/

Another of our readers has sent in some new information on another company calling owners regarding claims, Canongate Marketing with the website

http://canongatemarketing.com/

This is not a brand new company, their website was originally registered on 1 April 2015 and is due to expire on 1 April 2019, the registrant is hidden once again by privacy protect. They originally came to light several years ago with the usual resale scam of the guaranteed buyer.

The address they give is:

Calle Leopoldo Alas Clarín 4,  29002 Malaga

With the telephone number:

+34 952 062 030 (Malaga)

The address is just a stones throw from the Port of Malaga and is in a residential area, although there is a shop which supplies mailbox services.

Our reader had a call from Canongate Marketing regarding his Diamond ownership, they explained that he had a claim which they would make on his behalf through the Spanish Courts. The amount of the claim is between £13,000 and £18,000. He explained that he no longer had any of the relevant paperwork, but that did not matter they could proceed without them, but he would have to fly to Spain to meet with them. They also act on a “no win no fee” basis and will take 60% of the returned amount.

Now we all know that lawyers fees will need to be paid before a case could go to court, also if there are no documents how could a case be prepared and taken to court?

So this leaves us with the million dollar question, what is the “bait and switch” for the client to have to travel, what are they going to “sell” to make their money?

We have no doubt there is going to be an elaborate scam involved, it is only a matter of time before we find the answer.

Well that’s it for today, if you have been contacted by any company or have found one on the internet and want to know if they are genuine, then use our contact page, we will be pleased to help.