Over the past few years, Anfi has been in the news for many reasons, the main ones are the number of cases they have been losing in the courts and the Tauro Beach Project. The project at Tauro beach has also recently been in the news with the former head of the Coastal Authority being sentenced to 3 years in jail. He was found guilty of falsifying documents giving permission for Anfi to carry out the work in establishing a man-made beach months before the permissions were signed. The Canarian Government is in the process of revoking the permissions and licenses allowing Anfi to develop Tauro Beach, this will be a devastating blow to their finances. As for the court cases, there seems to be no sign that these will be ending anytime soon.
All this must be having some effect on the Anfi cash flow, we know they are employing delaying tactics in paying clients what the courts have ordered. It is believed that in many cases it is transferring funds from one account to another, rather like Silverpoint. We also know the Canarian Government is in the process of revoking the permissions and licenses allowing Anfi to develop Tauro Beach, this will also be a devastating blow to their finances.
Is this an attempt to hide the money and not pay what they are legally obliged to pay claiming cash flow problems?
Or are they actually running out of money?
Where does this leave IFA as 50% shareholders, as they have no control over the board or the company?
Are IFA aware of what Anfi are doing?
The courts are taking a very dim view of Anfi tactics, they have already seen through them, a very good case in point is the one regarding a Norwegian client of Canarian Legal Alliance, Mr Hoyer. Due to the delays and arguments by Anfi on his case, he was awarded 100,000€ above the 31,000€ he originally paid giving him 131,000€. This was the court’s way of punishing Anfi for basically wasting the courts time.
Highlight and right click on link below for the full report
This was a very expensive case for Anfi, yet, they are still attempting to do the same thing with every case that goes before the courts. Obviously, the courts are not too pleased with this and investigations have been ordered by the Fiscal (State Prosecutor) into Anfi funds and bank accounts.
This is not the first time we have reported on “missing funds” we know that between 2012 and 2013 8 Million Euros had been diverted which was noticed by the Lyng family, then only last year in November we reported on a lawsuit between the Cazorla Brothers for unfair administration of funds, to the value of 718,000€ the result of the case has still yet to be issued. (see links below).
The delaying tactics Anfi are employing are constant appeals to the High Court and lodging appeals with the Supreme Court, this is due only to a lack of liquidity or cash flow even taking into account the fines and interest they will accrue. It is also very frustrating to the clients with cases already won in the Courts of First Instance, it is also being used as a ploy by Anfi to put people off taking legal action.
Another method which Anfi are employing to ward off future lawsuits from disgruntled members is the attempt to change contracts, they have so far tried twice to convince members to change, but this has resulted in a very poor response. What we do know is that with all the legal problems members are very concerned with the future of Anfi.
We now look at IFA as 50% shareholders, they do not have the “golden share” so they have no control over the board or the company, we know that IFA has set aside millions for a full takeover of Anfi, but are they actually aware of what is going on. It is more than likely that Anfi has not even disclosed this matter with IFA. IFA is a public company and is therefore responsible to have this disclosed to its shareholders, the question is if they are aware, have their shareholders been notified?
Inside Timeshare has spoken to an IFA shareholder and in the last quarterly report, there was no mention of the possible millions in losses. So it would seem that IFA shareholders are also being kept in the dark.
Are the IFA shareholders aware that there are around 50 million euros in claims pending against Anfi?
How is this going to affect IFA if they do eventually take full control, will they continue in the same way or will they settle the claims in the quickest way possible?
All we know at the moment is Anfi are moving funds around the different bank accounts, to us it looks like what is happening with Silverpoint, using the transfer of funds to other parts of the company to hide the money and eventually seek liquidation due to “cash flow” problems.
Unfortunately, there are more questions than answers, answers that Inside Timeshare will be looking for and publishing on these pages.
If you have purchased any Anfi product and want to know if your contract contravenes Spanish timeshare law giving you a valid case and you would like to secure your “investment”, then use our contact page. Inside Timeshare will help you find out your legal position and point you in the right direction.