BANKRUPT INCORPORATED

'Hatchet' Gerard Kavanagh shot dead in Costa del Sol pub

2014-09-08T08:55:00.001+01:00

Gerard Kavanagh was shot dead in a bar on the Costa del Sol Notorious gangster Gerard “Hatchet” Kavanagh was gunned down by two masked assassins yesterday as he relaxed in a Spanish pub.

The 44-year-old was riddled with up to nine bullets by the hitmen, who burst into the Costa del Sol bar in Elviria, near Marbella, just before 4pm Irish time on Saturday. A source said: “The shooting had all the hallmarks of a professional hit.” Terrified gangster Kavanagh tried to flee after spotting the assassins coming through the door of Harmons Irish Bar in Elviria, a 20-minute drive east of Marbella. But it was too late for the doomed crime boss, who fell to the ground in a hail of bullets surrounded by a pool of his own blood. A burnt-out BMW X3 was discovered nearby shortly after the shooting, which happened in broad daylight around 4pm Irish time. Spanish police were last night carrying out a forensic search of the vehicle to see if it was used as the getaway car. A source said: “The gunmen were wearing balaclavas and were dressed from head to toe in black. “The shooting had all the hallmarks of a professional hit. It looks like they picked a time when they knew the bar wasn’t going to be busy. “It is believed the victim was trying to flee when he was shot because many of the nine bullets he took hit him in the back.”

Notorious Irish gangster Gerard 'Hatchet' Kavanagh shot dead in Costa del Sol bar A police spokesman said: “A fatal shooting has occurred near to Marbella. We are investigating.” Witnesses to the shooting told last night how the gunmen shot their victim in the back as he talked with a mystery woman – and finished the job off as he tried to run for his life. One said: “He was sat on a chair in a pair of green swimshorts talking to a woman I’d never seen before. “The men rushed up to him from behind and shot him two or three times in the back and, as he tried to run for the safety of the bar, finished the job off with a shot to the back of the head. “They turned him over to see if he was dead before fleeing. It was absolutely horrific. “The police took the dead man’s black Audi away and undertakers removed his body around 8pm.” Another said: “The killers left the engine on their getaway car running. “I’ve been told it was found burnt out at a supermarket just down the road.” A pal, who asked not to be named, said: “The dead man was lying face down just inside the door of the bar when I saw him. “He was dressed in just a pair of shorts and there was a lot of blood.” Harmons bar is sandwiched between two restaurants in a pretty, tree-lined square just off the N340 dual carriageway running along the Costa del Sol, which was once dubbed the Road of Death because of the number of accidents along it. The bar was closed last night after the horror shooting. A woman who answered a side door said: “Sorry we’ve got nothing to say. We’re not going to speak.” The owner of a neighbouring bar said: “I don’t want to say anything. This is very bad for business.” Kavanagh’s body was taken to the Costa del Sol State Hospital for X-rays last night to determine exactly how many bullets were in his body. Kavanagh, from Ben Bulben Road in Drimnagh, West Dublin, was a senior member of the notorious Kinahan gang, controlled by godfather Christy Kinahan, who is based on the Costa del Sol.

The gang is involved in drug debt collection, drug dealing on an international scale and is suspected of ordering several executions in Crumlin-Drimnagh feud. Kavanagh was jailed for four years in 1996 when he was just 25 for dealing heroin in the Crumlin area. Back then his defence had argued that Kavanagh was only before the court as he had developed a drugs habit forcing him to work as a courier for gangs. The Dublin Circuit Criminal Court was told that he was involved in a chain of drug distribution headed by drug barons. Following his sentence, Kavanagh paired up with Tallaght gangster Paul Rice, who was jailed for 10 years in July 1995 after pleading guilty to the robbery of a bank in which shots were fired. Together they rose to the top of the drug ladder before Kavanagh packed up and moved to Spain where he was reported to be supplying most of Tallaght and a large area of Drimnagh with illegal drugs. He has been living in Benalmadena for almost a decade with his wife and two children where his daughter is a star of the show-jumping circuit and his son is a professional boxer. Security sources say that the shooting has now raised fears for the safety of the Kinahans.

The scene of the shooting is near to the luxury Don Carlos Hotel, which this weekend is hosting the 19th US-Spain forum. The Spanish ambassador to the USA and the American ambassador to Spain were among guests who opened the three-day event and security had been stepped up significantly in the area. Kavanagh was jailed for four years in March 1996 after he was caught with €3,500 worth of heroin and cannabis. In court, Detective Eamonn Maloney said that Kavanagh was “a major figure in drug supplies in the Crumlin, Drimnagh and Dolphin’s Barn areas of Dublin for some time”. He was forced to flee Ireland after he was targeted by anti-drug vigilantes and the Crininal Assets Bureau.

Irish man shot dead in suspected gangland murder in Spanish bar

2014-09-07T09:11:00.001+01:00

Irish man shot dead in Spain was a well-known criminal who closely associated with some of the biggest drug dealers in Ireland and who gardaí believe was the intended target of a botched murder bid last month. The dead man, in his 40s and from Dublin, was singled out in a bar on the Costa del Sol on Saturday afternoon by two masked gunmen who fired at least nine shots, most of which are believed to have hit the victim.

The victim tried to run to safety when he saw the gunmen coming for him but collapsed on the premises when wounded. He was unresponsive when the emergency services later arrived at the scene. He was taken by ambulance to hospital but was pronounced dead shortly after arriving. The murder occurred just before 5.30pm local time at an Irish bar in Elivira, on the outskirts of Marbella. A BMW the gunmen are believed to have been driven to and from the scene in was later found burnt out by Spanish police.

SCARFACE MURDER:A man identified as Amsterdam crime boss Samir B. was murdered in Benahavis, Marbella

2014-08-31T16:12:00.001+01:00

A man identified as Amsterdam crime boss Samir B. was murdered in Benahavis, Marbella in Spain on Wednesday. image: inmo-andalucia.com The 36-year-old, also known as “Scarface,” was killed in the Spanish town near Marbella on Wednesday afternoon, Het Parool reports.

News reports speak of a gangland execution. Samir B. was in the Monte Halcones mall in the picturesque mountain village around 2.00pm when he was shot multiple times in his back and head by two assailants. He was apparently shot on his way out of a storefront in the shopping center. Witnesses called the authorities, but the emergency services could do nothing to resuscitate him.

The Dutch-Moroccan victim from near Sloterdijk in Amsterdam West has been named in connection with sizeable drug deals. Crimesite.nl writes that he was the largest drug dealer in the city, and he actually marked his cocaine blocks with his own stamp. B. had relocated to Spain a few years back, but apparently his hold on the Amsterdam underground remained. Het Parool writes that B. had a long career in the underworld of Amsterdam West. He grew to be one of the biggest crime bosses in the city. In June 2010 he was arrested there and extradited to the Netherlands, in connection with the death of 12-year-old Danny Gubbels in Breda; the boy died when someone opened fire on his parent’s trailer and B. was named. He was released after only a few days in prison here, for lack of evidence. His execution in Benahavis is being investigated by the local police, as well as the Spanish military police force, Guardia Civil, and national police agents. Earlier this month, another of Amsterdam’s criminal leaders, Derkiaoui van der Meijden, was also killed in Amsterdam Oost.

240 kilos of cocaine have been found in the hull of a yacht in Huelva

2014-08-25T11:17:00.001+01:00

240 kilos of cocaine have been found in the hull of a yacht in Huelva Agents from the National Police, in collaboration with the United States DEA, have arrested six people; four in the province of Huelva and two in Madrid in the three searches carried out as part of the same operation. The investigation started at the beginning of April, when large amounts of cocaine has been arriving in Europe by sea, carried out by an international organisation. Further investigations revealed the head of the organisation is a Spaniard, who lives in Colombia, and who had returned to Spain recently, presumably, to coordinate a consignment of the drug. The rest of the organisation are all Colombian, and had the job of providing logistic support on land for the reception and extraction of the drug.

Marbella boxer ring return after trainer shot

2014-08-25T11:00:00.001+01:00

MATTHEW MACKLIN, the Marbella based boxer, whose proposed fight against Argentine fighter, Jorge Sebastien Heiland in a WBC eliminator on August 30 was postponed after his trainer, Jamie Moore, was shot in Marbella, is set for a swift ring return. His opponent is as yet unnamed, however, Macklin is expected to undertake his 36th professional bout next month on September 27, on the Felix Sturm - Paul Smith WBA middleweight ‘Super’ title fight undercard in Kiel, Germany. If as expected Macklin wins, the three-time world title challenger expects to be returning to Dublin for the Heiland fight on November 15. Macklin, hopes the Heiland fight will bring him a fourth shot at a world title, as promoter Eddie Hearn looks to guide him to the big title that has eluded him so far.

Irish teenager being held on attempted murder charge in Costa del Sol

2014-08-25T10:49:00.001+01:00

An Irish teenager is in custody on an attempted murder charge after a violent street fight on the Costa del Sol. The 17-year-old was part of a group of four Irish holidaymakers who got into a row over a girl during a night out in the upmarket resort of Puerto Banus near Marbella. His brother allegedly punched a friend unconscious before the teenager kicked him in the head as he lay on the ground. The victim was rushed to the nearby Costa del Sol Hospital before being transferred to a specialist centre in Malaga so he could be treated for “life-threatening” head injuries.

Doctors have told police he cheated death because of the rapid medical attention he received. The altercation happened around 3am on August 14 in a street a short walk from Puerto Banus port named after singer Julio Iglesias, who owns a house in mountains a short drive away. Investigators say they believe the four men, who had been out drinking together, rowed over a girl. Local police made the arrests at the scene after witnessing the assault from a distance. The injured man, who like the other three Irish holidaymakers involved has not been named, is now being treated in a normal ward after spending several days in an induced coma in intensive care. Police from a specialist anti-violence unit based in Malaga have led the investigation.

A youth court judge remanded the teenager to a young offenders’ institution after quizzing him in a closed court session. His brother, whose age is not known, has been released on bail but is thought to have had his passport taken away from him so he cannot leave Spain. A trial date has yet to be set. The Irish teenager is expected to be held for custody for several months before he is released ahead of trial. A source close to the case said: “The judge quizzed him on an attempted murder charge because medical experts who examined his alleged victim concluded the consequences of the assault could have been much more serious if he hadn’t received rapid medical attention.”

Climate change is gradually turning Spain into a fire zone

2014-08-22T11:26:00.001+01:00

Spain’s changing climate and economy fuels wildfire risks.Climate change is gradually turning Spain into a fire zone – and a change in the economic climate is inflaming the situation.

The combined forces of climate, economic and social change are leaving Spain increasingly exposed to the damaging and costly effects of wildfires.

A research group reports that a mix of factors is behind the rise in both the numbers of forest fires and the areas of land scorched over the last 40 years.

Vanesa Moreno, a researcher in the geography department at the University of Alcalá in Madrid, and colleagues studied the pattern of fires in Spain from 1968 to 2010.

Although Spain, like much of southern Europe, is expected to become more arid with global warming, and although some Mediterranean vegetation is adapted to − and even benefits from − natural fire outbreaks, the picture is not a simple one.

In the moister Atlantic north-west of the country, there are two fire seasons − at the end of winter, and in the summer. In the Mediterranean region, fires are more frequent in the long, hot summer.

Fire in Benahavis

2014-08-18T11:28:00.001+01:00

A fire has broken out in Benahavis, near Marbella. This photo was taken on the road between Estepona and San Pedro. The cause of the fire is still not yet known, but follows in the wake of a serious fire in Los Montes de Malaga exactly a week ago. The fire in Los Montes devestated 260 hectares of natural park. So far this year there have been 20 such fires in Malaga Province, which experts say is within the average range of annual fires.

Saudi prince's convoy in Paris attacked by gunmen

2014-08-18T10:48:00.001+01:00

Heavily armed men have attacked a convoy of cars belonging to a Saudi prince, stealing 250,000 euros (£200,000; $330,000), police say. The convoy was heading through northern Paris on its way to Le Bourget airport late on Sunday evening when it was raided, reports say. The gunmen seized a vehicle carrying the money and documents, later releasing the driver and two others. The convoy was said to have come from the Saudi embassy. No-one was hurt. The gunmen, reportedly armed with Kalashnikov rifles, targeted a Mercedes mini-van at 21:15 (19:15 GMT) on the northern ring road, or peripherique, at Porte de la Chapelle, on the edge of Paris.

The motorcade, belonging to a Saudi prince, was targeted by eight people in two separate vehicles who pointed their guns at the driver of the Mercedes, forcing him to stop, French media reported.

The men then drove the vehicle away with the driver and the two other Saudis inside. No shots were fired but the Saudis were later freed and the vehicle eventually found burned out.

"In the vehicle there was roughly 250,000 euros in cash and official documents from the embassy," police union spokesman Rocco Contento told BFM TV news.

There has been a weekend of terror for immigrants in Tangiers

2014-08-18T10:11:00.001+01:00

Immigrants who are waiting in Tangiers to cross into Spain have been attacked and their homes ambushed. The NGO’s at the scene fear the aggression against the Sub-Saharans will force them to try to cross the Strait to escape whatever the weather conditions.

The problem started on Friday near the Tangiers airport. The Sub-Saharan’s were told a bus was going to Spain and some 20 women and their children took up the offer. But the bus took them to a local dance festival of African culture called Twiza which was being held in Tangiers for some days. When they realised they had been fooled they returned home, and met a group of Moroccan men armed with machetes and sticks who started to hit them.

Five of the women suffered stab wounds and others suffered abuse. Spanish volunteer, Helena Maleno, was among them and believes the violence is being organised by criminal groups. She was sexually molested by one of the men. She said the Moroccans speech was always the same, ‘We want to clear up here, go to Spain’. Last year an immigrant died when he fell off a wall during a police raid, bringing charges of murderers against the police amid violent scenes as you can seen in the video below.

Ebola Alert In Alicante After Man Taken Ill

2014-08-17T17:31:00.001+01:00

An ebola alert has been activated in Alicante, Spain, after a young Nigerian man was admitted to hospital with fever and vomiting. Spanish health authorities activated alert protocols after the man showed "several symptoms" of the disease.

The alert comes a week after a Spanish priest who contracted ebola while working in Liberia died in hospital in Madrid. The man was taken ill in the eastern city of Alicante Father Miguel Pajares was the first European infected by a strain of the virus that has killed more than 1,000 people in West Africa.

He was airlifted from Liberia to Spain on August 7 after becoming infected while working for a non-governmental organisation there. The 75-year-old was flown to Europe for treatment with his co-worker Juliana Bohi, a nun who has since tested negative for the disease. Elsewhere, 17 ebola sufferers have fled a Liberian clinic raided by looters who stole blood-stained sheets - sparking fears the virus will spread.

ISIS terrorists discovered in Morocco

2014-08-16T03:22:00.001+01:00

MOROCCAN anti-terror services working in collaboration with Spanish police officers have broken up a jihadist terror cell in Morocco. In total nine members of the cell, reported to be linked to the Islamic State of Iraq and Syria (ISIS), were detained on Thursday in the three Moroccan cities of Fes, Tetouan and Fnideq. The terrorists were working to recruit new members to the cell with the objective of sending them off to fight in the conflicts currently underway in Syria and Iraq.

It is believed that some of the group made frequent visits to the Spanish city of Ceuta, located on the north coast of Morocco, with the intention of converting people to their cause and raising financial aid. The Spanish Interior Minister has linked those arrested with ISIS, and confirmed that they had received training in the use of weapons and the manufacture of explosives with the goal of participating in suicide attacks or travelling to conflict zones in the Middle-East.

It has also come to light that there were plans to carry out a terror attack on Moroccan soil. Computers and other data-storage devices used by the jihadists are currently being examined for evidence of concrete plans. The investigation remains open within the three cities, with police from both nationalities continuing to work together. Government sources commented that the operation reflects on the excellent relationship that exists between Spain and Morocco when combating terror in the region.

Luggage thieves caught at airport

2014-08-16T03:17:00.001+01:00

THE Guardia Civil have arrested two people under suspicion of stealing suitcases from distracted airport passengers. Within the Guardia Civil brief of the Safer Tourism Plan which has been put in place to prevent theft from tourists visiting Malaga, the officers at the airport have caught two people who were taking national flights with only hand baggage and then taking advantage of distracted tourists arriving at the baggage carousels to steal their luggage while they were looking away. On several occasions they also, allegedly, pick-pocketed passengers as well as taking their hand baggage while they were retrieving their check in luggage. Investigating officers calculate that they have stolen around €21,000 worth of luggage and wallets.

Former boxing champ shot in Marbella to be released from hospital

2014-08-16T03:11:00.001+01:00

FORMER boxing champion Jamie Moore, who was shot in Marbella, is to be released from hospital today. The 35-year-old, from Walkden, was shot in the leg and hip while in the Spanish town, where he was training Birmingham middleweight Matthew Macklin. Mr Moore, a former European light-middleweight champion, did not suffer permanent damage in the attack and was transferred to his local hospital at Salford Royal.

Tweeting about his release from hospital, Mr Moore said: “Being discharged from hospital today, still a way to go before I’m back 100 per cent but I’m making quick progress.” He added: “Big thanks to the doctors and nurses at Salford Royal who’ve looked after me over the last four days, they’ve been absolutely brilliant.”

Ebola outbreak vastly underestimated

2014-08-15T09:43:00.001+01:00

The death toll from the world's worst outbreak of Ebola stood on Wednesday at 1,069 from 1,975 confirmed, probable and suspected cases, the agency said. The majority were in Guinea, Sierra Leone and Liberia, while four people have died in Nigeria. The agency's apparent acknowledgement the situation is worse than previously thought could spur governments and aid organisations to take stronger measures against the virus. "Staff at the outbreak sites see evidence that the numbers of reported cases and deaths vastly underestimate the magnitude of the outbreak," the organisation said. "WHO is coordinating a massive scaling up of the international response, marshalling support from individual countries, disease control agencies, agencies within the United Nations system, and others." International agencies are looking into emergency food drops and truck convoys to reach hungry people in Liberia and Sierra Leone cordoned off from the outside world to halt the spread of the virus, a top World Bank official said. In the latest sign of action by West African governments, Guinea has declared a public health emergency and is sending health workers to all affected border points, an official said. An estimated 377 people have died in Guinea since the outbreak began in March in remote parts of a border region near Sierra Leone and Liberia. Guinea says its outbreak is under control with the numbers of new cases falling, but the measures are needed to prevent new infections from neighbouring countries.

"Trucks full of health materials and carrying health personnel are going to all the border points with Liberia and Sierra Leone," Aboubacar Sidiki Diakit president of Guinea's Ebola commission, said late on Wednesday. As many as 3,000 people are waiting at 17 border points for a green light to enter the country, he said. "Any people who are sick will be immediately isolated. People will be followed up on. We can't take the risk of letting everyone through without checks."

Arrested for allegedly throwing two suitcases of cocaine out of a hotel window

2014-08-15T09:26:00.001+01:00

Poice have established that a 39-year-old Irish man who was arrested in Spain after allegedly throwing two suitcases of cocaine out of a hotel window is a criminal who was previously targeted here in a proceeds-of-crime case. The suspect, who remains in custody in Valencia, has been named as Philip Grendon from Greenfort Drive, Clondalkin, and also with an address at Spiddal Road, Ballyfermot. Grendon's brother, Brian, is a member of a major west Dublin drugs gang who have been constant targets of gardai for 15 years. Already this year, officers based in Ballyfermot have been involved in the seizure of more than €1m worth of drugs from this crew who are considered one of the most organised and longest-established in the country.

The bizarre incident for which Grendon was arrested in Valencia happened last Friday just before 10pm at the four-star Tryp Valencia Oceanic Hotel. Police are said to be working on the theory that the alleged drugs trafficker, who had checked into the hotel a few hours earlier, confused noise from other guests entering and leaving their rooms with a rival gang trying to steal his drugs after suffering a paranoia attack. It is alleged that Grendon also removed ceiling tiles in his room, along with an air vent in an apparent attempt to hide the stash.

The 55kg of cocaine in the cases would have an estimated street value of more than €3.8m in Ireland. Sources who know Grendon say they are "surprised" that he would be trusted by a gang to be in charge of such a huge drugs haul. "Philip was always known to be a paranoid individual, but if what the Spanish police are saying is true, this is taking paranoia to a whole new level," a senior source said. Grendon's younger brother is convicted heroin dealer Brian Grendon (37), who was jailed for six years in December 2002 after he was busted with almost €2m worth of heroin in Palmerstown, west Dublin, the year before. shootings Brian Grendon was previously described in court by a senior detective as being linked to a gang who had in the past "used fatal shootings of anyone who compromised their business".

Philip Grendon appeared in court in Dublin in February 2012 when gardai prosecuted him under proceeds of crime legislation. Some of his associates were targeted by gardai as part of Operation Jumbo in 2002. They included murder victim David McCreevy (23), who was shot dead in Tallaght in 2002.

Spain to probe cigarette smuggling Crime.

2014-08-13T15:41:00.001+01:00

EU's anti-fraud office on Monday urged Gibraltar and Spain to launch legal action after it found signs that organised crime was behind a rise in cigarette smuggling in southern Spain, AFP reports. The European Anti-Fraud Office (OLAF) made the recommendation after completing a probe it launched in August 2013 at the request of Madrid into a sharp rise in cigarette smuggling across the border between Gibraltar and Spain between 2009 and 2013. "The OLAF investigation has raised a number of concerns regarding the link between a significant increase in the size of the Gibraltar market for cigarettes over the past four years and the subsequent increase of cigarette smuggling across the frontier," a spokesman for the anti-fraud office said. "The concerns include indications of the involvement of organised crime," it added. "The OLAF final case report, and recommendations to initiate judicial proceedings related to the findings of the report, have been sent to the Spanish General State Prosecutor and to the Gibraltar Attorney General." Widespread cigarette smuggling between the tiny, low-tax British territory of Gibraltar to Spain is a major irritant in their frayed diplomatic relations. Smugglers buy the cigarettes in large volumes in Gibraltar at a price much lower than is charged in Spain, where the government in 2012 increased the sales tax to help plug a gaping public deficit. Spain in August introduced stringent border checks at its border with Gibraltar, leading to lengthy queues for motorists, in what it said was a move aimed at clamping down on cigarette smuggling.

But Gibraltar argues the stepped-up border controls are in retaliation for the installation of an artificial reef in its waters that has prevented Spanish boats from fishing there. Gibraltar Chief Minister Fabian Picardo welcomed the anti-fraud office report and said the territory wanted to work together with Spain to investigate the cigarette smuggling. "We wish any necessary investigations in this and in all areas to be carried out jointly between the competent Spanish and Gibraltar authorities in a genuine spirit of cooperation," he said. The government of Gibraltar said cigarette smuggling was already being brought under control thanks to the "draconian" measures it introduced in January. These include the introduction of searches of vehicles crossing into Spain and giving customs and police officers greater powers to fight smuggling. The Spanish government meanwhile said the anti-fraud office's report "justified" its "work in the fight against fraud and the underground economy". Spain ceded Gibraltar to Britain in 1713 but has long argued that it should be returned to Spanish sovereignty. London says it will not do so against the wishes of Gibraltarians, who are staunchly pro-British.

First Spaniard dies of Ebola

2014-08-13T15:34:00.001+01:00

confirmed by the Madrid's health department that a 75-year-old Spanish priest, Miguel Pajares has died in Madrid’s Carlos III hospital from Ebola. The Spanish priest who was recently repatriated from Liberia, Africa last Thursday had been in isolation in Saint John of God hospital in the capital of Monrovia. It is known that he contracted the Ebola virus from the Director of the Hospital after a visit. The director is also known to have died. Miguel Pajares was being treated with an experimental drug ZMapp which is designed to fight the deadly virus, but failed to respond to the medication.

The drug ZMapp is a treatment that is made by a private US company and is still in intensely early stages and had previously been only tested on monkeys. In a statement the health ministry said that the drug arrived to the hospital late on Saturday evening to treat the 75-year-old. The drug ZMapp though in very early stages, was only allowed by the Spanish drug safety agency under “exceptional importation” to be used in the use of a non-authorised medication because of an incident where a patient’s life is in danger.

Expats could be forced to return home under new government tax proposals affecting rental property in the UK.

2014-08-13T15:28:00.001+01:00

The plans, forwarded by the Chancellor George Osborne, would see the removal of personal tax allowance privileges for overseas residents who also claim income in the UK. If the Chancellor goes ahead with the plans, couples drawing a government pension could also face a £4,000 (€5.000) cut in their yearly income, forcing many to return home. UK government pension plans are only taxable in Britain, meaning that former civil servants living abroad could see a rise in their tax obligations.

Under the current system, expatriates and EU nationals have UK-earned income offset with a personal tax allowance of £10,000 (€12.570), but the planned reforms could jeopardise those expats who live under a carefully considered budget. Up to 400,000 expats could be affected by the proposals which would inject the treasury with an extra £400 million (€503 million) a year.

Stile Bertone Declared Bankrupt, Assets Go Up For Sale

2014-07-13T18:22:00.001+01:00

Italy's Bertone, established in 1912 as a coachbuilder, has been hit hard by financial strife in the past decade, with the company forced to end its vehicle manufacturing operations following the financial crisis of 2008 and split off its Stile Bertone design house. Unfortunately, Stile Bertone has continued to suffer and in March of this year it started seeking a buyer to save it from bankruptcy. We’re sad to report that Stile Bertone was unsuccessful in its search for a savior, as the design house has finally declared bankruptcy and its assets are now being put up for sale. The official date of bankruptcy was June 4, 2014. Ward’s Auto, citing company sources, reports that Stile Bertone has accumulated some €31 million ($42 million) in debt in the past five years—even with the company generating revenue of €14.5 million ($19.7 million) in 2010 alone. There are hopes a major automaker will step in and buy the assets of the bankrupt design firm, but it looks unlikely. The sources say there are few assets to sell. There is some land and buildings, as well as a car collection. However, due to the collection being considered national heritage, the cars must be sold together under Italian law.

Bolivia nationalized the company that runs the three largest airports in Bolivia because the government claims the company did not invest in improving the airports.

2013-02-19T12:06:00.001+00:00

Servicios de Aeropuertos Bollivianos SA (Sabsa) is a division of Spain's Abertis Infraestructure SA but Sabsa is also partly owned by Aena Aeropuertos SA based in Madrid. Bolivian president Evo Morales said that the privatization of Sabsa in 1997 was equivalent to "robbery" and "looting". He claimed that since that time the company's profits have been exorbitant and investments "ridiculous".

real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

2013-02-19T11:51:00.001+00:00

Spain's property market crash claimed another victim on Tuesday, as real estate company Reyal Urbis filed for insolvency after failing to renegotiate debt with its creditors.

The move takes the property developer, which had 3.6 billion euros ($4.8 billion) of debt at the end of September, closer to becoming Spain's second-largest bankruptcy after Martinsa Fadesa, which defaulted on 7 billion euros of debt in 2008.

Dozens of property companies have collapsed in Spain, where house prices have fallen around 40 percent since their 2007 peak. With the country locked in a deep recession, analysts expect prices to fall further still.

Spain's banks were crippled by the property market bust, eventually requiring the state to agree a European bailout for its lenders of almost 40 billion euros last year. Indebted property firms have asked banks for debt relief but patience is wearing thin among lenders saddled with soured property assets.

Reyal Urbis is 70 percent owned by construction magnate Rafael Santamaria and its creditors include Santander, BBVA, Bankia and Banco Popular.

The company, which valued its property portfolio at 4.2 billion euros in June 2012, said it would continue to operate as permitted by Spanish insolvency laws.

Its insolvency petition now goes to court and its fate will be in the hands of a judge.

Reyal Urbis said Santamaria would remain at the helm of the company and he still hoped Reyal Urbis could reach a deal with its creditors, given "the good will of all negotiating parties".

The company had until Feb. 23 to reach a debt restructuring deal with the banks or file for insolvency. Sources close to the matter told Reuters on Friday that creditors had rejected the company's 3.6-billion-euro proposal.

Trading in the company's shares was suspended on Tuesday, Spain's stock market regulator said. The stock had plunged 99 percent since June 2007 to close at 0.124 euros on Monday.

At the end of 2011, Reyal Urbis owned some 888 finished homes in a country where over a million homes lie empty. The company also had 8 million square metres of land for development and 237,000 square metres of commercial property, including offices, shopping centres, industrial property and hotels.

Germany's Melkus files for bankruptcy

2012-08-22T00:12:00.001+01:00

Another boutique maker of compact sports coupes has filed for bankruptcy in Germany. Melkus was a company we always enjoyed seeing at European auto shows. You never knew where the company would be – all of a sudden you'd notice a sleek, lissome coupe with open gullwing doors and you'd go, "Ah, there you are." That won't be happening anymore unless a white knight shows up: Melkus has reportedly filed for bankruptcy in a Dresden court, citing a lack of sales for its dire cash position.

Six year ago, Sepp Melkus, the grandson of the man who built the original Melkus sports cars from 1969 to 1980, restarted the company. The planned run was 25 examples a year at €115,000 ($143,000 U.S.), which would get customers either 270 horsepower from a Toyota 1.8-liter turbocharged four or up to 325 hp from aVolkswagen 2.0-liter turbo (enough to dash from zero to 62 mph in 4.5 seconds). Turns out that tweaking aLotus Elise, which the Melkus RS2000 is based on, and charging six figures in today's economy wasn't the way to go. The company isn't completely giving up yet, but it joins Artega in the search for a Mr. or Ms. Bigto replenish the coffers and keep the lights from going out for good.

Jessica Harper admits £2.4m Lloyds Bank fraud

2012-08-07T14:49:00.001+01:00

A former Lloyds Bank worker in charge of online security has admitted carrying out a fraud worth more than £2.4m. Jessica Harper, 50, had been accused of submitting false invoices to claim payments between 2007 and 2011. At the time she was working as head of fraud and security for digital banking and made false claims totalling £2,463,750. Harper, of South Croydon, south London, will be sentenced on 21 September. At Southwark Crown Court, Harper admitted a single charge of fraud by abuse of position by submitting false invoices to claim payments. 'A very simple fraud' She also admitted a single charge of transferring criminal property, the money, which she had defrauded from her employers. Harper was arrested on 21 December before being charged in May. Continue reading the main story “ Start Quote Jessica Harper has today been convicted of the type of crime the bank employed her to combat” Sue Patten Crown Prosecution Service Antony Swift, prosecuting, did not open the facts of the case but said it was a "a very simple fraud". He added Harper had already repaid £300,000 and was in the process of selling her house for about £700,000. "That will be some £1m out of £2.5m that's gone missing," he told the judge. Carol Hawley, defending, said: "She appreciates the seriousness and has made full admissions in interview. "She understands perfectly well on the next occasion she will be facing imprisonment of some length." Breach of trust Judge Nicholas Loraine-Smith granted Harper bail on the condition she stays at her current address, obeys a 21:00 to 07:00 curfew and hands in her passport. Sue Patten, head of the Crown Prosecution Service, Central Fraud Division, said: "Jessica Harper has today been convicted of the type of crime the bank employed her to combat. "The evidence in the case was clear and left Harper with little choice but to plead guilty. "In doing so, she has admitted to a huge breach of trust against her former employer." Lloyds is now 39.7% state-owned after being bailed out by the government during the financial crisis.

Shares in Standard Chartered dive after Iran allegations

2012-08-07T09:57:00.001+01:00

Shares in Standard Chartered PLC dropped sharply today as investors reacted to US charges that the bank was involved in laundering money for Iran. The charges against Standard Chartered were a shock for a bank which proudly described itself recently as “boring.” Shares were down nearly 20 percent at 1,187 pence at one point in early trading Tuesday on the London Stock Exchange. In Hong Kong, they were down 16.6 percent near the end of the session. New York State Department of Financial Services alleged on Monday that Standard Chartered schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States' financial system “vulnerable to terrorists.” Standard Chartered said it “strongly rejects” the allegations. In a statement, the bank said “well over 99.9 percent” of the questioned transactions with Iran complied with all regulations, and the exceptions amounted to $14 million. The New York regulator ordered Standard Chartered representatives to appear in New York City on Aug. 15 “to explain these apparent violations of law” and to demonstrate why its license to operate in the State of New York “should not be revoked.” Gary Greenwood, analyst at Shore Capital in London, said the possible revocation of the New York license was of far greater concern than any potential fine, which could run into hundreds of millions of dollars. Standard Chartered's US operation facilitates trade for customers that have operations in both the United States and emerging markets. “Indeed, this is an area of the business that has been highlighted by management for growth,” Greenwood said. “A loss of its US banking license would not only jeopardize part of this profit stream, but the associated reputational damage could also have a severely damaging impact to its operations within emerging markets.” The New York agency alleged that Standard Chartered conspired with Iranian clients to route nearly 60,000 different US dollar payments through Standard Chartered's New York branch “after first stripping information from wire transfer messages used to identify sanctioned countries, individuals and entities.” The New York regulators called the bank a rogue institution and quoted one of its executives as saying: “You (expletive) Americans. Who are you to tell us, the rest of the world, that we're not going to deal with Iranians.” The order also identifies an October 2006 “panicked message” from a London group executive director who worried the transactions could lead to “very serious or even catastrophic reputational damage to the group.” If proven, the scheme would violate state money-laundering laws. The order also accuses the bank of falsifying business records, obstructing governmental administration, failing to report misconduct to the state quickly, evading federal sanctions and other illegal acts. Between 2004 and 2007, about half the period covered by the order, the department claims Standard Chartered hid from and lied about its Iranian transactions to the Federal Reserve Bank of New York. Before 2008, banks were allowed to transact some business with Iran, but only with full reporting and disclosure, the order states. In 2008, the US Treasury Department stopped those transactions because it suspected they helped pay for Iran to develop nuclear weapons and finance terrorist groups including Hamas and Hezbollah. The order states the bank has to provide information and answer questions to determine if any of the funding aided the groups or Iran's nuclear program. Last week, Standard Chartered' chief executive, Peter Sands, boasted that the bank has racked up a 10-year string of record first-half profits “amidst all the turbulence in the global economy and the apparently never-ending turmoil in the world of banking.” “It may seem boring in contrast to what is going on elsewhere, but we see some virtue in being boring,” Sands added.