Spanish Developers Cause Pain for Brazil Investors

Luís Mateos, the developer of the Lagoa do Coelho resort  is currently spending some time in prison with  a fraud charge laying over his head. The company he is CEO of ,Grupo Nicolás Mateos has not layed one brick on this supposed high level development north of Natal.

A group of angry investors who purchased in this development had combined forces and decided to inform the authourities about the lack of any visible progress and this subsequently led to the arrest and jailing of Mateos. There are approximately 500 investors in the same boat all from within Europe.

Several high profile Spanish developers have been at the centre of non starting projects within the Natal area, including Grupo Sánchez, a well established company, who promised to build over 3,200 residences in a luxury golf complex promoted by the actor Antonio Banderas. The company suffered at the hands of the receivers owing approximately €97m in 2008.

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