 
Posts: 176
Joined: 3/12/2009
From: United States
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Oceanico Group
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I was wondering how many people out there may be facing a similar issue to us, with regards to the Oceanico Group, a large Irish-Portuguese developer.. I know that in the past accusations have been made (on forums and other locations) of the group’s possible bankruptcy, and while in 2009 this was not correct, the situation of the company at this moment appears to be dire. Its Directors have confirmed that effective control of the business no longer resides with its team, but with its bank in Ireland, who manages the cash flow of the company.
We paid a refundable reservation for a villa on the Oceanico development in Portugal (Algarve, Alcantarilha) called Amendoeira, and have a contract with the developer, Oceanico, to return the money after delays and being unable to provide us with a legal promissory contract. They have only repaid us a tiny part and we are left with almost €100K still to receive. The various people involved (shareholders and Directors whose names I will not mention names here yet) have all promised in writing, that the money will be paid soon, but their promises are constantly broken and no refund money has been paid as and when the contract stipulated, nor when they promised to do so. A few stories have started to circulate of bankruptcy (denied by the Directors) and now an as-yet unconfirmed investigation by the Portuguese tax authorities as to use of funds, specifically with regards to client monies not deposited in Portugal but outside the country.
Can anyone shed any more light on this or has anyone had similar issues? We know that there are tens, if not hundreds, of creditors (trade and otherwise) out there waiting to receive money.
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