this Sabadell put an end to the other devastating legacies from CAM. The bank was liquidated Mediterranean Resorts Investments (IRM), the defunct Alicante savings bank together with Bancaja, Banco de Valencia and Banco Popular in 2009 Assets given to them by Polaris World in paying off his cumbersome debts, and that was one of his biggest failures.
Although Sabadell already had sold most of the land and loans supposedly linked to the organizer from Murcia Operation Chloe In 2016, it also sold other toxic assets that it bought from CAM – this month of january When final settlement de IRM was finally registered in the Trade Registry after a long and complex process.
Here are the latest annual accounts Holding Investments and Subsidiaries, The holding in which Caja Mediterráneo groups its main real estate businesses and which Sabadell has been responsible for finalizing over the past ten years. Therefore, after this new liquidation, TIP now only expects to divest itself or to close two shares outright. Nearly 70 entries for as many supporters as CAM has accumulated and this contributed to its downfall.
Since Sabadell took over in 2011, Accumulated losses by the holding exceed 2,100 million Last year alone, the holding’s red figures added another 11 million euros—yes, under the Asset Protection Program the bank, headed by Josep Oliu, took to protect itself from the poison brick it bought with the financial sector. existence in Alicante.
Among the different investments CAM has amassed through TIP, Polaris Wolrd’s was one of the most important, as the Murcian developer was one of the biggest symbols of the Spanish real estate bubble of the 2000s. The Alicante establishment was one of the main financiers. Therefore, when the crisis broke out, the team led by Roberto López Abad decided to form a company with other relevant organizations to take on the assets that guaranteed this debt and try to minimize losses. According to the report by the Bank of Spain following the intervention of CAM, assets from Alicante, Bancaja, the Bank of Valencia and the People’s Bank began to take over. 1.2 billion € in Polaris assets.
Businesses sold completed homes through real estate agents and placed the remaining assets in various operations with mutual funds. After several years of paperwork, IRM was liquidated this January and Sabadell owned 55% of the shares through TIP.
For its part, the Polaris World company by 11 went bankrupt in 2017, a bankruptcy that the Commercial Court of Murcia No. 2 declared guilty last November.