Fadesa - Withholding Return Of Client Deposit Monies

[forestflame]

If there is anyone who has either cancelled or re- assigned their contract on a Fadesa property at Med. Saidia and has had no joy getting their deposit monies refunded please PM me so we can discuss appropriate action.

[camel with three humps]

Martin SA needs to pay € million's as part of the take over of Fadesa. With the credit crunch in place, it is not surprising.

You may not be aware that half of Fadesa assets in Morocco has been sold. It may be that your unit is part of this asset sale.

[just-alex]

Cynical thought.............is it possible that fadesa/martinsa or whatever they are now called are robbing Peter to pay Paul.??.....i.e they have now been awarded multiple other contracts in Tangier, nr Ceuta and Plange Blanche nr Guelmim in the south to name but a few................ they have to get their start up money from somewhere, borrowing from a bank is expensive and they are ken to keep in with the Government.............

[simon clark]

Originally Posted by forestflame

If there is anyone who has either cancelled or re- assigned their contract on a Fadesa property at Med. Saidia and has had no joy getting their deposit monies refunded please PM me so we can discuss appropriate action.

Good afternoon, if I can introduce myself, my name is Simon Clark. I have purchased a number of units from Fadesa in Morocco with the purpose of selling them on before completion. This I have done a number of times through Fadesa.



I sold a unit to a Keith Furness. The company I purchased the property through re-wrote the contract and the client paid me 40% of the purchase price upfront (GBP 34,600.00 approx). I was told about 7 months ago that I had to cancel the contract and then Fadesa would re-issue the contract to Keith Furness, as per Morocco law. Because of this, I had to pay back Keith Furness his deposit of 40%, so that he could then pay this to Fadesa. Fadesa then confirmed that they would pay this back to me within 28 days. This is when the problem started.



We are now six months down the line, and I have still not received my money back. I have been promised a number of times via e-mail and numerous telephone calls, that the money has been wired into my bank account, but to this date, this still has not happened. Whenever I have chased them up about payment of the 40% they always come up with what I feel are excuses. In order to obtain the 40% to pay back to Keith Furness, I had to re-mortgage my home, which I have been paying interest on for the last 7 months.



I have been speaking to Mari Carmen in the London office and she has been most helpful. She has spoken to Jesus Jaen Pareja about this on numerous occasions, each time being told that the money will be wired, but it still has not been. I have tired to speak to Jesus Jaen Pareja ,( commercial Director) tel 00212 36624444 e-mail jjaen@fadesa.ma, on several occasions, but I can never get through to him because as soon as I say who is calling, I am told that he is in a meeting, and he has never replied to any of my e-mails.



I feel that the way Fadesa has treated me is degusting and very unprofessional. I have purchased a number of properties from Fadesa over the last five years, and I cannot think of any reason why they should not pay back my deposit. I have another property which I am due to close on, but I can not do this because I need the 40%.



This e-mail has been sent to you to ask it you could address this matter, otherwise I feel that I have no other option but to proceed with legal action. This obviously is the last thing that I want because of the costs that I would incur, but I am afraid that Fadesa is leaving me with no other option. This whole matter is so frustrating and I find it completely unbelievable that Fadesa can treat people this way.

[simon clark]

Originally Posted by forestflame

If there is anyone who has either cancelled or re- assigned their contract on a Fadesa property at Med. Saidia and has had no joy getting their deposit monies refunded please PM me so we can discuss appropriate action.

The only way I can see if we are going to ever get are money back is taking legal action, but I thinking we could jointly cover the cost of legal action, if anyone is interested please let me know

Simon Clark

[simon clark]

Originally Posted by forestflame

If there is anyone who has either cancelled or re- assigned their contract on a Fadesa property at Med. Saidia and has had no joy getting their deposit monies refunded please PM me so we can discuss appropriate action.

The only way I can see if we are going to ever get are money back is taking legal action, but I thinking we could jointly cover the cost of legal action, if anyone is interested please let me know

Simon Clark

[camel with three humps]

Sorry, Simon clark. I am not the one to kick some one when they are down. However you deserve what you get when dealing with such an unprofessional, unethical, uncaring and bordering onto corrupt outfit like Fadesa.

As you may know that Fadesa has been sold off to Martin SA and half of their Assets in Morocco are also sold off. Fadesa has messed up big time carrying on with their business practises in Saadia. The local knowledge is that the King has been very annoyed with the lack of infrastructure, sanitation, water supply and other activities, that he has shown Fadesa the red card. The king had placed his reputation on Saadia as the first and the flag ship project of the Azur plan.

The balance/stage payments of the purchase price due to Fadesa by Martin SA, has been creating big cash flow problems for them and in the present credit crunch and the state of Spainish construction industry, I
know that even the well established developers are struggling to raise cash. The buzz word is survival.

If you feel that you can name or shame "Fadesa" on this or other forum you are wasting your time. Just sue them and put it down to experience.

[just-alex]

Simon have PM ed you re this matter.........

[alfonsooo]

im afraid to say it but looking at Fadesa's finances and all the posts on this matter - I fear we will all be waiting a long time to see any of our money back....

[just-alex]

Anyone got good spanish?............have a look at the website for said company under 'press releases'.......from the economist dated 18th March.....seems to explain the figures...........this is their attempt to dispel fears..........seems that they had an extra 'bridging loan' of 25% to buy fadesa out which is what caused the problem.....plus another large main loan of 56%...........we'll soon know the real extent of the problem I guess....