Torre Atiemar

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Hernandez

Banned
Feb 9, 2009
875
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Jueza vende torre Atiemar por 34.7 millones de d?lares - List?n Diario Digital

As I understand, many people bought apartments in that building, so those apartments are their private property now, not the property of that person arrested in Spain for drug traffic. So how could Dominican authorities confiscate the whole building?? What happened to titles of apartment owners?

Seriously, that sounds crazy. You can buy an apartment in new building (inaugurated by the President, by the way) and later they say that it's confiscated because the developer company's owner is a suspected drug dealer? Bullsh@t!
 
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Anastacio

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Feb 22, 2010
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Doesn't matter, I've owned property in Spain for 17 years and the government can come and stick a highway through my property and if I am lucky I get bottom end property rates for my land.
I owned 35 acres of land in Andalucia (1995), they wanted to make a new highway which my land infringed. They offered me 25% of what I paid for it, if I didn't accept it I would have nothing, just done it anyway, you have to learn to negotiate rather than barter in these situations..
As I was one of the founders of the area for new generation as far as Ex pats go, I had a good relation with the mayor, I had bought most of the land there (Tabernas, Almeria) and sold most of it on, they bought my land (ok, I lost on that) but they gave me part of the national district (65 in return, priced then at 500% profit to my cost, just sold some (cost me next to ntohing to claim the land before I sold it), I'm happy) also to keep others from making a song and dance about it. Everyone got money back, or got a new house on the bill of the Government or me, which they will never see from the government, all my people got a house and land or the monetary value of the land there claim stands on, and are very happy (I wouldn't be but do research before buying property is all I can say. The governments people on that side of the line are the governments problem, I'm dealing with it but it is not my responsability. Cost me nothing, made me a few pennies that I am now putting into a new venture. Wish me luck!!:cheeky:
 
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Hernandez

Banned
Feb 9, 2009
875
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Interesting story, but what about the case of Torre Atiemar? As a property owner here in DR, I am curious to know what are the possible reasons for confiscation? The court didn't say that the company owner is a drug dealer, he is just one suspect. Anyways, those apartments are sold before this case, so WTF is going on? May be tomorrow they start confiscating apartments from people passed a red light?
 
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CaptnGlenn

Silver
Mar 29, 2010
2,321
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Anastacio said:
Doesn't matter, I've owned property in Spain for 17 years and the government can come and stick a highway through my property and if I am lucky I get bottom end property rates for my land.
I owned 35 acres of land in Andalucia (1995), they wanted to make a new highway which my land infringed. They offered me 25% of what I paid for it, if I didn't accept it I would have nothing, just done it anyway, you have to learn to negotiate rather than barter in these situations..
As I was one of the founders of the area for new generation as far as Ex pats go, I had a good relation with the mayor, I had bought most of the land there (Tabernas, Almeria) and sold most of it on, they bought my land (ok, I lost on that) but they gave me part of the national district (65 in return, priced then at 500% profit to my cost, just sold some (cost me next to ntohing to claim the land before I sold it), I'm happy) also to keep others from making a song and dance about it. Everyone got money back, or got a new house on the bill of the Government or me, which they will never see from the government, all my people got a house and land or the monetary value of the land there claim stands on, and are very happy (I wouldn't be but do research before buying property is all I can say. The governments people on that side of the line are the governments problem, I'm dealing with it but it is not my responsability. Cost me nothing, made me a few pennies that I am now putting into a new venture. Wish me luck!!:cheeky:
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Same thing can happen here in the U.S., as in most places in the world. It's called possession by eminent domain. Gov't can take privately held property to be used for public works, (highways, etc etc., (compensated at "market value", not what you think it might be worth). This practice dates WAY back in history, where ALL land was owned by the state... or more to the point, the KING, and the population was only granted the right to occupy the land and live there.

The really ugly side of it today, is that now some VERY desirable land has been taken for projects that are actually privately developed, (like shopping malls, etc.), and are not state owned or operated. This has been under the argument that even though these projects are private or corporate owned, their existence still benefits the public good... but if you ask me, it benefits the developers a hell of a lot more!!! There was a famous case of this in a resort area a couple of years ago that was in the news for a while.
 
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Hernandez

Banned
Feb 9, 2009
875
20
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Guys, the Torre Atiemar case is not about those things that you are talking about. Click on the link in my first message, if you don't know the story.
 
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Taino808

Bronze
Oct 10, 2010
959
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As to the Torre Atiemar, The court awarded the building to Banco Reserva because the original owner owed them $600 million pesos of a loan. The bank is only legally holding the property to sell the apartment in order to recover the money loaned.

The Apartment owners will be thoroughly checked to make sure they are honest to god buyers. This is only to check and see that the purchaser could actualy purchase these apartments, and not some sort of front to launder drug money.
 
aarhus

aarhus

Long live King Frederik X
Jun 10, 2008
4,412
1,987
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hard sale

Taino808 said:
As to the Torre Atiemar, The court awarded the building to Banco Reserva because the original owner owed them $600 million pesos of a loan. The bank is only legally holding the property to sell the apartment in order to recover the money loaned.

The Apartment owners will be thoroughly checked to make sure they are honest to god buyers. This is only to check and see that the purchaser could actualy purchase these apartments, and not some sort of front to launder drug money.
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It is going to be tough for the bank to sell them. Did they not start at over a million US.
 
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La Mariposa

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Jun 4, 2004
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Chirimoya said:
As the OP asks, how can they auction it off BEFORE the suspect is convicted???
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It has nothing to do with being convicted or not. It seems it's a civil manner. The guy owns $$$$$$$$$$ to the bank so the bank exercises his hypothecary rights.
 
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Taino808

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Oct 10, 2010
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Chirimoya said:
As the OP asks, how can they auction it off BEFORE the suspect is convicted???
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Please read post No. 7. They auctioned it off because Banco Reserva was owed well over $600 million peses. payment wasn?t being made on this debt, and they (BanReserva) needs to recuperate this cash.

As to the buyers of these apartments, they will get the chance to prove that: (1) they bought under good pretence, without knowing the builder/owner was a drug dealer. (2) that these buyers can afford these apartments, hence, they are not some type of front to launder the drug cash.
 
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Hernandez

Banned
Feb 9, 2009
875
20
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Taino808 said:
Please read post No. 7. They auctioned it off because Banco Reserva was owed well over $600 million peses. payment wasn?t being made on this debt, and they (BanReserva) needs to recuperate this cash.
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No. Read the newspapers about the case. The buiding was conficated by authorities (fue incautado por las autoridades dominicanas) right after he was arrested in Spain, and only because he was arrested, not because Ban Reservas debt. And this is not the first such case in this country, I remember another story last year with two brothers arrested for health insurance company fraud in US. Next day after they were arrested newspapers said that their property (apartments in Malecon Center) was confiscated by authorities. And I don't understand what is the legal base for those actions.
 
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Taino808

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Oct 10, 2010
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Hernandez you being the OP asked what will happen to the people whom had bought Apt. in this building, I think I answered your question. Read post No. 7 and last one.

Hernandez said:
As I understand, many people bought apartments in that building, so those apartments are their private property now, not the property of that person arrested in Spain for drug traffic. So how could Dominican authorities confiscate the whole building?? What happened to titles of apartment owners?!
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Hernandez said:
No. Read the newspapers about the case. The buiding was conficated by authorities (fue incautado por las autoridades dominicanas) right after he was arrested in Spain, and only because he was arrested, not because Ban Reservas debt. And this is not the first such case in this country, I remember another story last year with two brothers arrested for health insurance company fraud in US. Next day after they were arrested newspapers said that their property (apartments in Malecon Center) was confiscated by authorities. And I don't understand what is the legal base for those actions.
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As to the building being confiscated, it was done because this guy was charged with drug dealing. Although he is innocent until proven guilty, the Bank ?BanReserva?can?t wait for two or three years to recuperate money loaned to this guy.

Think for a minute that while the property sits idle, soon it will begin to loose value, hence, the bank needing to move quickly. Call the unpayed debt, then sell the property to collect its money, while other partties, like the many wokers will receive their pay. If anything is left after legal fees and what not, anything left belong to the guy who constructed the building, only if he?s found not guilty. If he?s found guilty then the DR government keeps whats left.
 
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simpson Homer

Bronze
Nov 14, 2003
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It's easy to understand that the property was built with "dirty money"
here is a good question.

If the gov sold the property to BANRESERVAS where would that money goes?

Why is not rent it so the Gov can make money and create jobs, a few cleaners, maint crew etc. So that rev $ is use to build other projects like build other housing or school. or use that money to buy fire trucks an ambulances.
 
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Hernandez

Banned
Feb 9, 2009
875
20
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So, if you bought your apartment from the company, if you have your title 100% clean, all money paid etc., you still can be surprised later that the company owner was a drug dealer, your property was built with dirty money, so now it's being confiscated and now you need to prove that you are not some kind of front for those people? Man, I believe 50% of expensive projects in this country were built with dirty money, so now lets start to confiscate them all??

Another point is that they can confiscate somebody's property if they just suspect him in a drug related crime, without any court order??? So, if tomorrow corrupted police agents arrest you for fake charges, that's enough for confiscating your property the same day, without any proof from the court that you are guilty? What are the legal reasons for confiscation of property here?
 
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Hernandez

Banned
Feb 9, 2009
875
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Let me explain why I am asking this.

I have just read some recent topics on this forum.

Police shut down a some kind of porn studio in Santiago. I have no idea if shooting porn is legal or not here, but why they confiscated mattresses from the studio???

Another example, if police come to colmado because residents of houses around called and complained about very loud music, they start the operation with confiscating music equipment and plastic chairs from colmado. Why???

It looks like any private property in this country (it doesn't matter if it's a cheap motorcycle or expensive apartment) can be confiscated without any legal reason. They just come and confiscate it, and it's your headache to prove that they did not have the right to do that. Am I wrong?
 
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Taino808

Bronze
Oct 10, 2010
959
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Hernandez said:
Let me explain why I am asking this.

I have just read some recent topics on this forum.

Police shut down a some kind of porn studio in Santiago. I have no idea if shooting porn is legal or not here, but why they confiscated mattresses from the studio???

Another example, if police come to colmado because residents of houses around called and complained about very loud music, they start the operation with confiscating music equipment and plastic chairs from colmado. Why???

It looks like any private property in this country (it doesn't matter if it's a cheap motorcycle or expensive apartment) can be confiscated without any legal reason. They just come and confiscate it, and it's your headache to prove that they did not have the right to do that. Am I wrong?
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Being that I?m not a lawyer its kind of hard for me to answer all your queries. In the Santiago porn studio, I believe that shooting porn is considered a crime in the country, so my guess is that the prosecution confiscated everything as evidence.

As far as what happens in the ?Colmadones? I do know that there are laws against loud music, so once again, my guess is that the music equipment is/was conficated do to violation of the law.

I really don?t think you should worry about having properties confiscated if you?ve not done anything out of the ordinary. I say this with much confidence, because after all I?ve been living here for the past 12 years (moved down from NYC) and I?ve yet to have anything confiscated. Then again I?ve never been involved in any illicite business dealings.

Hope this calms your worries.
 
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