Further to our recent article regarding the Excel Overseas Lodging Participation Programme (ELPP´s) sold by Silverpoint (formerly Resort Properties), we have received a further update from a concerned client in the form of a letter from the liquidators.
As previously discussed, each client invested approximately €40,000 for one ELLP; some clients bought more than one, and having received their first interest installment they believed it to be all above board, so they bought a second. In total over 300 of these ELPP´s were sold, a very handsome €12 million which now, according to the liquidators Alvarez & Marsal Cayman Islands Ltd, might have disappeared. They say:
“It appears that Excel does not have sufficient funds to meet its current payment obligations under the ELPP Investment. As such, any payments currently owed and due to you under that scheme, cannot be made at the present time.”
Perhaps the Courts should take a look at some of the
other Cayman Island or British Virgin Islands bank accounts that these
companies hold; perhaps the balance of the ELPP money is in one of those; what
happened to the cash payments that some clients reportedly paid?
In this day and age
everyone is much more aware of their rights and who to report concerns to, so
it is very surprising that this alleged fraud has not been reported to the
Spanish authorities, such as either the Executive Service of the Commission for the Prevention
of Money Laundering and Monetary Offences (SEPBLAC) or The
National Securities Market Commission (CNMV) which is the body responsible for the supervision and
inspection of Spanish securities markets and the activity of all those involved
in them. The Commission’s action is mainly focused on companies providing
investment services and collective investment schemes.
If you have paid money into one of these unregulated investment schemes, please let us know your story.
Liquidator letter from Kalo Advisors. Click here to download.
Posted on: June 25, 2019
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01253 804 318 or email: info@TimeshareConsumerAssociation.org.uk