- July 20, 2019
-- In March 2017, the parties agreed they would combine the Shareholders' investment, knowledge, skills and experience in resort operations, marketing, business growth and dive center operations owned the Defendant in the Canary Islands (allegedly valued at €500,000) to build the largest specialist diving resort operator called Blue Explorers Resorts, the first one opened in May of 2018 on Gran Canaria. In December 2018 the Shareholders called in an international law firm based in Madrid, after they became concerned about the Company, its officers and advisors, possible violations of the Spanish Companies Act and following one of several failed attempts to raise the capital of the new operating company.
According to the case filed, throughout the period before and after the funds were invested, the Defendants made claims around the alleged value of the Company, touting positive financial results and affirming its control over financial reporting. It was also stated that all investments made into the new company would be in the liability of the new operating company at the date of signing the Shareholder Agreement. This assertion was not proven as the money, according the accounts, had never been put into the new company and had the Shareholders known this they would never have invested or signed the agreement. Given it was the core obligation of the agreement to increase the new operating company's capital increase, when it was legally impossible to carry out.
The meeting was held on the 30th of March and the Shareholder/
Directors were only given access to some of the Company's records the afternoon before, but what was uncovered has led to the claim filed. The accounts show no trace of the majority of the Shareholder funds, which were provided in 2017 and other Shareholder funds had been recoded as loans, which were never agreed to. Nor was there an independent valuation report on the true value of the Defendants dive business Blue Explorers, which upon discovery, no accounts have been filed for 3 years.
Shareholders can be contacted via their press officer Dave Lee, firstname.lastname@example.org on +44 203 290 7757
The Company can be contacted via Blue Explorers Resorts SL, please call +34 928 56 57 95 or email@example.com://wearexpert.com