Over the past few months Inside Timeshare has been receiving many enquiries about two companies based in Tenerife and operated by names well known to Silverpoint clients. We refer to the Farhoud Brothers, along with their respective companies, Viking Real Estates & Consultants and Nordic Consulting Canary Islands. One thing that is common to all the enquiries is that the clients were originally sold their “timeshare products” by the Farhoud Brothers or ex-Silverpoint salesman who now work for them. So what are they now offering their “old clients”?
Firstly let’s look at Viking Real Estates & Consultants, this company was founded by Mike Farhoud around one year ago and is based at C.C. Palm Beach Local 19 Avda Rafael Puig LLuvina 38660 Playa de las Americas Tenerife. According to the website they have the CIF number B76689603.
When checking company records originally, that CIF number brought up the record for a company called Tuscan Garden SL, located at a different address, but the Administrator is one Mike Farhoud. So it looked like he was using another company to operate Viking Real Estates, although recent checks do now show the record for Tuscan Garden SL has now been amended through a change of company name to Viking Real Estates & Consultant.
No problem there, but it is when you look at the sector the company is registered to operate in is where it gets interesting. According to the records, the sector of trade is Restaurants and Food Stalls, nothing to do with Real Estate or even timeshare claims.
Surely, when a company is formed and its purpose is registered in a particular sector, it should be working in that sector, not doing something which it is not registered as doing. The question is, why is the original purpose of the company still restaurants and food stalls yet not being changed to the purpose now, real estate and timeshare claims, is there something to hide?
Let us now move on to Nordic Consulting Canary Islands SL, this company was registered on 17 October 2018, so is only just under one year old. The registered administrator is Ali Farhoud, another ex-Silverpoint salesman, who is now contacting Silverpoint clients with the promise of the return of double their money and cancellation of contracts. All for products he originally sold with his brother Alex Farhoud who is one of Nordics consultants.
One email we have received tells us the clients story, it begins in October 2017,
“when we received a letter under the door from Alex Farhoud (at that time he was working for Silverpoint), that he wanted to see us the next day”.
The purpose to sell them an apartment, or so they thought. What they had actually purchased was the “Company Participation Scheme”.
At the Silverpoint office, Alex probed the couple about their finances and told them he thought there would be no problem for them to afford the purchase. They looked at two apartments and decided on the one being refurbished.
Going back to the office with Alex, he explained all the possibilities open to them, that they would receive 4.5% interest until they were given the title deed, this could take around 3 years before it was ready. But once they received the deed the apartment would be rented out for them with a return of 47.5% of the rental income. Doesn’t sound too bad really!
The cost was over 240,000€, no cooling off period and a down payment of around 5,000€ with the balance to be paid as soon as possible. This was paid within a couple of months.
The next part of the story is where it now gets interesting, in around May 2018 Alex contacts the clients and informs them that Silverpoint was facing “financial problems” but there was a solution.
If they paid Alex 10,000€ he would help to get their money out, they duly paid. They were also told that if Silverpoint called:
“We must not say that he (Alex) called us, but we called him”.
This couple then became very suspicious indeed, well I think most of us would with a response like that.
It must also be pointed out that the 4.5% they were to receive for 2017 due in 2018 was not forthcoming, they eventually received it at the end of 2018 after a lot of pressure on their part.
At the end of 2018, they received another call from Alex who told them:
“That they would not be getting the title deed because what they bought was (hidden?) TIMESHARE”.
But low and behold there was a great solution in the wings, Alex’s brother Ali could help them to get all their money back double plus all expenses. All they needed to do was pay over 29,000€ to Nordic Consulting, Ali’s company and all would be well.
Needless to say, the couple’s suspicions were again aroused,
“first Alex sells to us” (this “dodgy” product), “then his brother Ali will help us to get back our money”.
Well, this couple did not fall for it, they are now waiting for their court dates to be announced being represented by an experienced law firm in this field.
It must also be noted that both companies are using court documents especially the Supreme Court Rulings giving the impression that they are theirs, having seen the documents and made the relevant checks they belong to another law firm. This law firm is also the only one to have had any rulings from the Supreme Court.
This story based on email testimony is just one of around eleven received so far.
After much research in the Spanish Courts Inside Timeshare has not yet found any cases related to these companies in either the High Court or the Supreme Court. So the question is do they actually have any cases and doing what they have been promising their clients?
Do you want to know where you stand legally with any timeshare product purchased in Spain, if so use our contact page and Inside Timeshare will point you in the right direction.