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Vol. 1 Issue 15 www.theolivepress.es November 9th - November 22nd 2017
Govt in exile
What do Fatboy Slim, director Paul Haggis, John Travolta, Dean Norris and Pilou Asbaek have in common? They’ve all had links to the Balearics this week find out why inside
CATALUNYA’S beleaguered leader has vowed to fight on from abroad. It came after Carles Puigdemont handed himself in to Belgian police when a European arrest warrant was issued. He and four other politicians are accused on charges of rebellion, sedition, misuse of public funds, disobedience and breach of trust. A judge in Belgium now has up to two weeks to decide if they will extradite the group to Spain.
Fight Given the whole extradition process can take up to 60 days, it means he may have to run his entire election campaign for the Catalan European Democratic Party from Belgium. His party wants him to fight for continued leadership of the regional parliament in the December 21 elections. Puigdemont denied he had fled to Brussels to avoid justice but that he left because the Spanish government was preparing a ‘wave of oppression and violence’ against separatists. “I’m absolutely convinced that the state was preparing a harsh wave of repression for which we would have all been held responsible,” he said yesterday. “The Spanish state is committing a brutal repression… if we don’t battle repression together, the Spanish state may win this fight.” In a show of support to the deposed president, around 200 Catalan pro-independence mayors travelled to Brussels on Tuesday to stage a rally.
Should have legged it
Expats who lost millions rage at ‘unauthorised’ deals involving ‘worrying’ signing of blank sheets EXCLUSIVE By Joe Duggan
Pension peril
BRITISH expats who lost up to €20 million in a failed pension advisory firm believe their signatures may have been photocopied onto investment documents. Around 300 Brits, most living in Spain, are battling to retrieve their funds after Alicante-based firm Continental Wealth Management (CWM) folded in September, as first reported in the Olive Press a month ago. Boss Darren Kirby left for Australia following the closure of the company’s main Javea offices. Victims, who are spread across Spain, as well as in Ibiza, Mallorca, Portugal, France and Turkey, fear illegal practices after being asked to sign blank dealing instructions. Their pension pots were then invested in high-risk assets which promised to pay out large commissions. One 69-year-old pensioner told the Olive Press he lost €210,000 after transferring €470,000 despite stating he had a ‘low to medium aversion BOSS: Kirby now in Australia to risk’ attitude to investment. “I was asked, ‘Can you sign this he said. blank form. We will fill in the “They should have been looking Untitled-1.pdf 1 16/06/2017 15:36 details.’ I did that trusting they out for me but they were just would act in my best interests,” feathering their own nests. To
me they knew what they were doing.” He added: “I believe some of the investments were made without my knowledge. I think that is the case because I do not recall signing sheets for all the investments I had.” An email, seen by the Olive Press, shows CWM asking a client to sign and return a blank dealing instruction. Another British expat, 55, who is trying to recover around €200,000, said some pensioners ‘have lost everything’. “My paper work that I sent has been altered, my risk level was changed from ‘medium’ to ‘high’ and my dealing instructions have been photocopied repeatedly for buying and selling assets I didn’t authorise,” he said. “I still have some money left and I am still young enough to get compensation, but my fund
SPECIALIZING IN: CRIMINAL LAW CIVIL LAW BANKING (FLOOR CLAUSE) FAMILY LAW
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A PALMA thief is facing 18 months in jail for stealingCY a leg of ham. Prosecutors are requesting CMY the lengthy term for taking the eight kilogram leg of 'CinK co Jotas' ¡ jamon from a shop in the capital. The Iberico ham is valued at €685, and has yet to be recovered.
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e-mail: advocat1@demicco.es mobile number: 636 307 533 WWW.DEMICCO.CH
rying’. “This negates the very essence of the service they are meant to offer,” said Flores. “It is a blank cheque to invest wherever, whenever. “If standard practice, this is very worrying. has gone down by half and I “Signing blank documents need compensation to get it would be seen back on track. as irregular in a “But some people court of law. The have lost everyproblem with thing and don’t these firms is that have enough to they were all inlive on. One rePENSION vesting in highly tired victim only investments has €50,000 left OUTRAGE risky without the clifrom €480,000.” ents knowing.” Andalucia-based He claimed that lawyer Antonio losses sustained Flores, whose by investors firm Lawbird would hopefully are representbe recoverable ing some CWM as the investments that failed victims, said signing blank into perform, or went bust, were vestment sheets was ‘very worlinked to life insurance policies. Pension trustees Momentum and Trafalgar are now attempting to recoup CMW clients’ losses. The Olive Press has so far been unable to discover if CWM was registered to provide investment advice with Spain’s official financial regulator CNMV. New quality homes since 1958
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BACKING DOWN: Carles
Confusion reigns
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Vol. 1 Issue 13 www.theolivepress.es October 12th - October 26th 2017
As Spain celebrates Hispania Day, the Olive Press runs a rule over Columbus
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SPAIN’S prime minister has accused Catalan leader Carles Puigdemont of causing ‘confusion’ after signing a declaration of independence. Mariano Rajoy demanded he clarify if he had really declared independence following Tuesday’s nail biting address to the Catalan parliament. If so, Rajoy insisted he could trigger Article 155 of Spain’s constitution to allow Madrid to take direct control of Catalunya. “There is an urgent need to put an end to the situation that Catalunya is going through - to
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Who’s paying us? EXCLUSIVE
Expats lose millions in life savings through
CONFUSION reigns over who failed should foot the bill for Mallorca investment national and Momentum Penhotels hit by the collapse of airsions. scheme line Monarch. “People are terribly disBalearic hotels are facing a tressed,” Granada-based EXCLUSIVE €10million bill over the colBrooks told the Olive Press. By Joe Duggan lapse that saw the emergency “They have lost large amounts repatriation of over 110,000 of their retirement savings.” back to the UK, many from HUNDREDS of British expats She added: “Some of these are battling to retrieve their Palma. people are going to end up Administrator KPMG told the pensions after losing up to back in Britain on benefits.” Olive Press ‘the debt owed by £20 million in a failed pension “I have nothing but praise for OFF TO OZ: Boss Kirby and Monarch to hoteliers will rank investment scheme. (above) team at March Tony Barnett [Trafalgar MD] as an unsecured claim’ against Spanish-based financial advicharity bash and Stewart Davies [Momensory firm Continental Wealth the defunct airline. One Marbella-based tum chef executive]. They expat remain anonymous. “They will have to file a claim to Management (CWM) folded told the Olive Press It is believed at least 300 of have been he sunk “The adviser kept telling magnificent the joint administrators for all last month obliterating many £59,000 through me, CWM’s 900 clients have had ing to recoup people’s in trymoney.” the money they are owed,” said heartbroken Brits’ life savings. realising he had CWM, only ‘This is guaranteed, it can’t go their pension pots decimated, The Olive lost £39,000 below a certain level’.” Press understands it Many of them had transferred a spokesman. with victims shocked to later when his pension trustees sent His money, and that of others discover “It has not been determined their private UK pensions a statement. the value across Spain and France, was vestments had of their in(yet) how much money will be through the company, whose “I couldn’t believe plummeted it. I have put into high-risk ‘professionboss Darren Untitled-1.pdf Kirby has now1 al- 16/06/2017 available to creditors.” dramatically. lost thousands 15:36 of pounds,” legedly moved to Australia. revealed the victim, asking to al investor only’ assets, it has However, a source close to been claimed. the case insisted: ‘There are still many customers who are is highly happy with their pension port- may be possible legal action taken by some parties folio.’ against CWM, based out of Andalucia-based tax specialist headquarters SPECIALIZING IN: Angie Brooks, a leading expert its executives. in Alicante, and C on pension liberation schemes Both the CRIMINAL LAW office in Javea and and the founder of Pension the website M Life, has now launched a fight The group have recently shut. CIVIL LAW to help get victims’ money ebrating were pictured celat a charity ball as reBANKING (FLOOR CLAUSE) Y back. cently She is working alongside pen- When as March this year. CM FAMILY LAW sion trustees Trafalgar Inter- to bossthe Olive Press spoke Kirby he ‘definitively’ denied responsibility over the MY crash. “I have lost my world,” CY he said. A close associate of Kirby’s CMY said former CWM staff were all ‘very upset’. K “It is still quite raw for them, and they are working out what e-mail: advocat1@demicco.es to do next,” he said. mobile number: 636
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307 533 WWW.DEMICCO.CH
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e Lions Threpub Best English Pub in Palma Great food Live Music Every Night from 12am
Ave de Gabriel Roca 4, Palma
Opinion Page 6