Ricardo Miranda, the Spanish promoter who has been taken to court by British investors over an alleged real estate fraud in Estepona, says he returned all the money he received for the project to the British company involved, Ocean View Properties.
The properties were sold off-plan but were never built, and Miranda says he was paid 12 million € by Ocean View to build the development on their behalf, but returned the funds when it became evident that ‘administrative problems’ made the project unviable.
Miranda maintains that he never had any direct contact with the purchasers or received any money from them.
The case is under instruction at Court No. 16 in Madrid, where the Marbella law firm, Lawbird, has filed a suit on behalf of the investors affected by the Estepona development and two others in Morocco and the Dominican Republic.
El País indicates that Ocean View is now under liquidation, and those affected want the company’s three directors, David Charles Stewart, Robert John Parkes and Colin Thomas, to answer charges in court."
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