Three deny £11.2m overseas property scam scam
Three businessmen accused of defrauding Northern Irish investors in an alleged £11.2m overseas property scam are to appear in court later this month.
The former owner and representatives of Birmingham-based Ocean View Properties (OVP) will have their first hearing, previously delayed, at Madrid's Criminal Court on October 21 and 22.
A claim for fraud and misappropriation of funds was lodged in February 2011 in a bid to recover deposits paid by investors to OVP. It has more than 50 Northern Irish investors among 120 claimants for £9.2m.
A second class action complaint for £2m, brought by 30 British and Irish investors, is also under investigation.
Many Northern Irish investors remortgaged homes to finance their dream luxury buys
More than 1,000 British investors, who paid a total of £45m for overseas property developments, lost money when OVP was formally dissolved in 2009.
The accused have all 'strongly denied' any wrongdoing.