August 10, 2007 at 9:25 am #53083
Property developer ASTROC has told that they had about 65,7 million euros in losses this year meanwhile they had a profit of 61 the last year.
Here is the new:
The market is crashing at full speed and it is not very intelligent to ask for credits in the actual market conditions. The BCE is dropping money on the market because the banks cant find the money they need for mortgages.
Please be carefull specially in the spanish property market because you can lose a lot of money.
August 13, 2007 at 5:24 pm #74011
The ex-Manager of Astroc has been accused of scam and fraud on the National Audience of Spain.
He is supposed to doing things so the stock market prices of his company grow in a spectacular way (600% or somethin similar) but suddenly it fell again very quickly so a lot of people has lost their money in the stock market.
This is the kind of property developer you can find here in Spain and makes me feel shamed of being a spaniard.
August 13, 2007 at 10:29 pm #74013
What he has done it nothing new this kind of stock market manupilation has been going on in more advace financial markets for many years. insider dealing, Junk bonds an example.
What you should be ashamed about it is the lack of suprvision by the financial authorities, this is vital if Spain wants a healty and liquid stock market and inspire confidence in its market.
To be very frank if Spain cannot supervise its lawyers a reltively easy thing to do what chance a very fast moving/volume trading stock market.
This is one of the reason that Spain has not been the beneficiary to act as a financial center for the latin world. Just imagine the Petro dollers coming from Venazuela alone.
August 22, 2007 at 10:01 pm #74189
An article about ASTROC at Bloomberg:
here you can see all the story behind.
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