Luis Camacho (Former Chief Administrator of Regency Group) was reportedly sentenced on two accounts of tax abuse by a Court in Funchal on Wednesday 24th June.
It is understood that Luis Camacho was present for sentencing, but he will remain at liberty until the appeal process has been exhausted.
The reports claim that the two sentences handed to Camacho were;
- A two year prison sentence for “practicing fiscal embezzlement for not having delivered €382,412 due to the tax authorities”. The reports claim that this is related to VAT paid by customers and IRS contributions deducted from salaries of employees of the company ‘Hotelmar’ (Hotel Regency Club) for the period October 2006 to March 2008.
- A one year and 10 months prison sentence for “not having delivered €463,159 to the tax authorities concerning the VAT charged to customers of the company ‘Camachos, Comércio de Novidades’”.
In addition to the sentences imposed on Camacho, it is understood that fines of €7,000 and €6,000 were applied on each company respectively.
It has been communicated by a Spanish newspaper that the “presiding judge noted that the administrator had already been convicted in four other cases for non-payment of taxes, for which milder punishment had been applied in the form of fines or suspended sentences”.
Further reposts proclaim that “In his Defence, it was claimed that the entrepreneur’s priority was to pay wages to employees and service suppliers, and that meeting tax obligations were considered a second priority”.
Only time will tell if an Appeal be submitted but it seems as though Camacho is running out of “luck”.
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