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The Ready2Invest Property Scam

For those caught in any of the Ready2Invest fiascos, such as Cerros de Turre, La Cadima or Santa Ana


Posts Tagged ‘García-Bosch’

Questions on Citrus Europe and Ready2Invest that Need an Answer

May 20th, 2011

There are a number of points that are crucial to establish where liabilities lie and the type of action that would have to be pursued. This list is not comprehensive and is likely to increase as more information pours in.

  1. What is the relationship of Ready2Rent/Ready2Invest with Citrus Europe Ltd. and Citrus Playa Macenas S.L.?
  2. What is the historical background of Citrus Europe Ltd.?
  3. How many of the developments that Ready2Rent has intervened in have actually been completed?
  4. Why did Jonty Crossick handle very significant sums of money on behalf of Citrus, if he was only an acting real estate agent?
  5. If Citrus Playa Macenas S.L. and R2R (note that I am now considering them to be one entity, or a joint venture) received 14.600.000 Euros by virtue of a mortgage deed with Bancaja for La Cadima project, (on account of a global of 35.000.000 Euros), as an initial draw down (no information on further draw-downs is available), on the 8th of July 2005, plus an unaccounted amount from unsecured buyers (our estimate is 60 buyers x 70k Euros=4.200.000 Euros), and the cost of the works would presumably not exceed 10.000.000 Euros at the most, where are the remaining funds?
  6. The plot at Turre was sold for 11.500.000 Euros. Why were the funds not returned to the buyers? How much was invested in the project?
  7. Why do García-Bosch lawyers, on behalf of Citrus Playa Macenas S.L. confirm that the deposits were not paid to Citrus Playa Macenas S.L. but to Citrus Europe, with whom the contracts were signed, if the plot was owned by their former. If this is the case, do these lawyers not realize that Citrus Europe Ltd. has been deceiving buyers as this company never owned property in Spain?
  8. Why is the letter sent out by Garcia-Bosch, where he tags the communication sent by Lawbird Legal Services of libelous, dated 30th of April 2007, for exposing the legal status? Why do they not refer to the sale the Cerros/Turre development in Cerro Colorado S.L. on the 11th of October 2006? What is therefore the connection?
  9. Why does Legalex, on a report dated 29th of October 2008, advise that the purchase draft contracts for La Cadima comply with Spanish laws, when it is clearly in breach of consumer regulations?
  10. Legalex, in its report, seem to mistake La Cadima in Mojacar for Cerros, in Turre. In this report they refer to a mortgage deed signed on the 8th of July 2009, with protocol number 2171, with the financial entity Cajamar, when this deed is signed with Bancaja. Bancaja confirms, on a letter dated 10th of April 2006 that a special account has been opened with them to the effect of guaranteeing the sums. Furthermore, Bancaja states that the bank will issue a Bank Guarantee to each depositor which guarantees that the money will be released to Citrus Playa Macenas S.L. only when as they build the property and if the property is not completed, the money will be returned to the depositor. The letter is signed by Jose Enrique Molina Chasserot, “Banc Director”, who happens to be the representative who signed the title deeds on behalf of Citrus Playa Macenas S.L. where a loan for 35.000.000 Euros was granted. If this is the case, why does Garcia-Bosch insist that funds are to be paid in the United Kingdom as not only is Citrus Playa Macenas S.L. a Spanish company, but also owned the plot and was the beneficiary of a loan that ultimately, was to build Spanish property? Furthermore, can a lawyer be so incompetent as to hold ground on this stupid allegation when even Bancaja admits that the deposits are to be paid in the nominated Spanish account of Bancaja, opened in the name of Citrus Playa Macenas S.L., and also guaranteed by them? Or do they form part of a scheme to deceive consumers?
  11. To this date, we only have account of 6 deposits having been refunded on Turre and none on Playa Macenas. Where are the deposits that were never returned?

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