Builder Berates Bank

Banks get tough on building companies, but sometimes, building companies get tough on banks, which is the case of Alaminos e Hijos and CajaSur.

The Motril building company, Alaminos e Hijos has decidedly lost its patience with Cajasur, demanding the money owed to it directly from the Banco de España – and we’re not talking about ‘loose change,’ but 2.4m euros. This sizeable debt owed by the bank is not only putting this large building company against the ropes, but the knock-on effect is also affecting 30 subcontracting smaller companies that worked through Alaminos e Hijos on the 168 housing units in Urbanización Medina Elvira in Atarfe.
José Carlos Alaminos cited in his written complaint that his company, the Valencian real-estate agents, Proadis Arandis and CajaSur had signed an agreement before a Notary Public in December 2008 where a modification was made to the payment arrangement of the said building project. The agreement guaranteed the execution of the payment certificates for the dwellings remaining to be built. In other words, CajaSur took financial responsibility for finishing off the project, which was only 10%, paying each certificate presented by the construction company – that was the agreement, anyway.
“This deal gave us the necessary security to finish off the job, which we did along with the 30 subcontracted companies that worked through us,” explained José Alaminos.
However, only the three first certifications were credited to the builders account in the CajaSur: January, February and March 2009, after which it dried up; hence the outstanding 2.4m euros.
The are many other factors that are too numerous and complicated to explain in detail without using up the whole of the Motril section on this one topic, but it boils down to the savings bank claiming that the total of the mortgage, totalling 38m euros, has already been consumed, whereas the building company claims that the method in which the bank based its calculations are contrary to good banking practice.
As a parting point, however, it is worth mentioning that a group of sub-contractors involved looked themselves into a branch of CajaSur in La Chana, Granada, last November, over this affair.

Leave a Reply

Your email address will not be published. Required fields are marked *