The Nordic Consulting is proud to announce that on the 11th January 2021 its lawyers achieved a landmark victory for clients who were sold an investment known as the “Excel Overseas Lodging Participation Programme Scheme” (Or “ELPP” for short).
This is the first legal victory in Europe for clients who each spent tens of thousands of euros on this investment. No other lawyers are yet to achieve a victory for their clients with this product.
Whilst the plaintiffs were staying in an Excel resort in Tenerife in 2017, they were conned out of money that was sent to Excel Overseas Holdings Limited – a company registered in the British Virgin Islands. Incredibly, only a year or two after the investment was made the company went into liquidation.
Fortunately for the investors, our lawyers were able to link the sale of this questionable investment to companies in Spain. This has meant that legal claims can be made against these Spanish companies and the claims can be processed through the Spanish courts.
In this first victory, the courts in Arona, Tenerife declared the clients contracts null and ordered the return of €70.395,18 plus legal costs and interest.
In particular the court has demanded that the payment be made by Silverpoint Vacations SL and/or Homes Under The Sun SL. Interestingly, Homes Under The Sun SL is still trading and still has assets registered in its name, including apartments in Beverly Hills Club – the hotel in Los Cristianos managed by Excel Hotels & Resorts SL.
Ali Farhoud, CEO of The Nordic Consulting says “I am really, really happy for the clients. They trusted us with their case, and their trust and patience have been rewarded. It´s taken nearly two years, but they have finally been proved right and got the court award that they deserve”.
If you have invested in the ELPP scheme make sure you contact The Nordic Consulting to see how this exciting legal precedent can benefit you.