Cape Verde Investments

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Tecnicil HAVE HANDED Vila Verde to Novo Banco for cancellation of €95 million loan taken out just as investors were signing contracts and paying 50% deposits. Tecnicil double crossed investors. The Cape Verde Government do nothing to help investors but continue to encourage investors to put money into Cape Verde and continue to suck money off the EU. The legal system on Cape Verde will ensure you never get your money back the aid the construction companies to keep it. You have been warned don't invest in these islands unless you want to lose money. Hence the following letter to the Novo Banco and their reply:-

31th May 2016

Cape Verde Investment

Dear Mr Stock da Cunha,

On the 27th May 2016 we are demonstrated outside your London offices to protest (which has been rescued by European tax payer’s money),so as  to bring to your attention that we as a group also need rescuing by your bank. It is with regret that a contract we made in trust has come to this, we just want the situation sorted out it has gone on for long enough and closure needs to be agreed upon.  It is hard to believe it has taken this long. After many calls to your offices it was very difficult when constantly getting computerised responses to get through to someone we could speak to in a manner we would have preferred.  Instead we are protesting outside the London Offices of Novo Banco as we also could not get any response from Novo Banco in Cape Verde.

We firmly believe that your bank should rescue us is for the following reasons:-

  1. We all invested in a site called Vila Verde, Sal, Cape Verde in or around 2006 to purchase through a 50% deposit and a promissory contract to deliver apartments, town houses and Villas.

  2. The developer failed to deliver on time, delayed by as much as 665 days in many phase two instances. The product when finished we believe fell short of the promissory contract description.

  3. At some point in the process Banco Espirito Santos leant a large sum of money to the developer Tecnicil to complete the project.

  4. We believe that an over reaching (over our promissory contracts) charge by B.E.S. was put in place, without consultation with us, as should have been as we had and still do have promissory contracts which have not been rectified as per the contractual clauses.

  5. This over reaching charge has put our hard earned money at risk and in limbo for almost 7 years. We hold your rescued bank responsible for this limbo, possible breach of banking code and customer care relations are not best served by this.

  6. We have tried on numerous occasions to resolve this matter with the bank but are met with silence or at best meaningless words. This has resulted in the protest, so as to bring to the attention of as many people whom may be thinking of investing in Cape Verde and using your banking facilities.

  7. We have also made many attempts to reconcile this with the developer Tecnicil, but the company seems incapable of even talking any sense at all. Tecnicil and its Directors have buried their collective heads in the sand.

  8. The point of the protest and this short letter is to make you aware that we would want to resolve this matter amicable with Novo Banco whom has placed us in this position by reckless lending to Tecnicil whom is all but bankrupt, due to its inability to manage its financial affairs but being aided and abetted by B.E.S..

  9. You must view our website at   our twitter  @capeverdescam  and our petition  

  10. Face book    Cape verde

  11. We want to have a meaningful dialogue with Novo Banco to aid the return of our money. A Supreme Court ruling is pending and if those whom have taken this route are successful they will receive double their money back and interest at 8% from the day of failure of the contract. This is likely to happen since a recent ruling in the Spanish Supreme Court has ruled in favour of the investors in a similar failed project.

You can make contact through our website which has an attached email address

 Dear Sirs,

We hereby acknowledge the receipt of your letter regarding the abovementioned subject, which had our best attention.

However, we would like to note that Novo Banco, in its capacity as shareholder of Banco Internacional de Cabo Verde (BICV), and the latter as the borrower of the funds for the real estate project named Vila Verde, in Sal island, Cape Verde, are both not related to any of the business relations established between the company which owns said real estate project and the promissory buyers of the units of that real estate project.

We also note that Novo Banco has not built, managed or owned the afore mentioned real estate project.

Considering the above, Novo Banco does not understand and will not accept any eventual liability for the investment decisions made by the promissory buyers of the units of Vila Verde real estate project, or any liability arising from or in relation of any defaults under the promissory agreements.

We hope that these clarifications can be a definitive settlement of this subject on our behalf,

Yours truly,

Francisco Costa
Department Coordinator
Organization and Quality Department