Maddie sighting in Spanish resort

 

Detectives are searching for the missing British girl on the Costa Del Sol following a tip-off from colleagues in Portugal. Portuguese police are understood to have received information from an informant about a Madeleine McCann lookalike in Nerja, near Malaga. The development is thought to be connected to a review of the investigation into Maddie’s disappearance. A team of Portuguese detectives have been instructed to re-examine the case and go through thousands of pages of case files and search for new clues. They are working with a Scotland Yard team set up in May last year. The McCanns’ Portuguese lawyer Rogerio Alves described the Portuguese police case review as a “very positive sign”. Maddie, then three, vanished from a holiday apartment in the Algarve resort of Praia da Luz in May 2007

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Thousands of British expats are on the brink of losing everything after being duped by unscrupulous financial advisers.

 

The cowboys have persuaded thousands of  our vulnerable pensioners — many in their 80s and 90s — to give up huge stakes of their property in exchange for investments that will never make a penny. 

The schemes are often sold by rogue financial advisers who exploit weak consumer laws on  the Continent by falsely claiming to be bona  fide accountants.

Most of the victims are Britons who retired to Spain or France and wanted to use the cash in their homes to help with soaring living costs. 

John Parsons, founder of the Costa del Sol Action Group that is helping some of the victims in Spain, says: ‘The effect of all this worry is enormous. The stress has brought on a lot of serious health issues and they are extremely worried about their futures.

‘These people were not greedy or stupid. They were on fixed pensions and being financially squeezed, so jumped at the possibility of solving that situation.’

The latest crisis follows a Money Mail  investigation in 2008, which exposed how hundreds of British pensioners living on the Costa del Sol had gambled their homes in a risky equity-release scheme run by failed Icelandic bank Landsbanki.

Now we can reveal how thousands more pensioners have fallen for other risky equity-release schemes on the Continent and are being hounded by banks demanding hundreds of thousands of pounds.

 

 PREYED ON BY  ROGUE SALESMEN

During the property boom at the start of this century, around 100,000 pensioners left Britain to live out their days in southern France and Spain — attracted by a warmer climate and cheaper way of life.

Many had a small pension, but hundreds of thousands of pounds from the sale of their UK home, which had soared in value over their lifetime.

This money was used to supplement their incomes and buy a new home abroad. But soon after they moved, the cost of living in some areas soared as hundreds of thousands of Britons and Germans bought second homes.

Many pensioners found they needed extra cash, and became easy prey for unregulated financial advisers who had left Britain to tap into the new wealth in these regions. 

Local rules meant they were able to act unchecked, selling investments from banks based anywhere in the world.

Sometimes they claimed to be chartered accountants, but were not — many had never even registered with local authorities. 

In Spain in particular, these advisers could largely sell whatever they wanted — including types of investments and equity-release schemes outlawed in the UK. These paid handsome commissions that could net advisers a £50,000 payday.

Banks offering equity-release loans included Icelandic bank Landsbanki, Scandinavian banks Nordea and Sydbank, and UK private bank Rothschild. However, Money Mail understands they are not the only banks involved.

The majority of victims were told they could borrow the entire value of their property. The loan would incur interest, typically of up to 6.5 per cent. It meant that after ten years, a €500,000 (£412,667) loan would balloon to €681,240 (£562,251). To offset this, a large chunk — usually around 75 per cent of the loan — would be invested in a fund sold by the adviser. 

Pensioners were told returns would be so good that not only would they cover the interest on the equity release, but give the borrowers a little extra to spend.

INVESTMENTS THAT TURNED TOXIC

But the promises made turned out to be very different to the theory. This meant returns did not cover the cost of the interest repayments on the equity release. 

As the fund fell in value, it ate into the capital that borrowers needed to repay the debt. Charges for fund managers and commission also reduced the returns further. 

Worse was to follow when house prices in Spain fell. They had risen by 44 per cent between 2004 and 2008, when many of the victims had bought their homes. They have since plummeted by around 20 per cent.

Those who had borrowed almost all of their property value were soon in negative equity — where the value of the property value was less than the money owed on it — leaving them unable to sell to clear their debt. 

In theory the borrowers were expected to pay off their loan at the end of four years. But because the value of the investments plunged so low, it triggered small print in the equity-release contract that allowed banks to demand repayment early.

In the case of those expats with Landsbanki, the bank collapsed and the investment fund was snatched by company liquidators. Then a further problem struck — the value of the pound plunged against the euro. 

Many of the victims were paid pensions in pounds and relied on converting the money into euros every month. The drop meant the value of their pensions fell by a third.

RETIREMENT DREAMS LEFT SHATTERED

Campaigners estimate thousands of British pensioners have lost money through these schemes. Former actress Julia Hilling, 88, fears her home will be swallowed up in repayments to her mortgage from Rothschild Bank.

She was sold the mortgage in 2005 by a Malaga-based British financial adviser. Today, this company is classed as unauthorised by the Spanish authorities. Her property was valued at €300,000 (£249,966) and she took out a loan for €262,000 (£217,827). Around €17,000 (£14,138) was used for living expenses and she put €245,000 (£203,693) in an investment fund. 

Tempted: Julia Hilling, pictured was an actress in the 1940s, says she went for a scheme because she needed to pay bills

Mrs Hilling, who starred in musicals in the Forties and in revues with Sir Bruce Forsyth at the Windmill Theatre, London, had never invested or even had a mortgage before. 

Since 2005, the fund has plunged by around a third and will no longer cover her mortgage. She owes €330,000 (£274,362) and the debt continues to grow. Mrs Hilling says she is unable to cover these costs and fears the bank will take her property when she dies.

‘I needed the money desperately to pay everyday bills while I was out here, as I didn’t want to rely on my family,’ she says. 

Rothschild told Money Mail it would not repossess Mrs Hilling’s home. It stressed it had not sold the investment to her and was not demanding repayment nor had it paid commission. It urged her to contact the bank. 

Another victim is Eric Mould, 64, who after a career in sales moved to a seaside villa in Puerto Banus, near Malaga, in 2007. He and his wife Mary, 60, sold their four-bedroom detached house in the UK to buy a three-bedroom villa with a swimming pool for €1,188,000 (£990,000).

But five years later they are living in a friend’s flat in the town and battling to pay €2,100 (£1,745) a month in mortgage repayments to Danish bank Nykredit.

Shortly after arriving in Spain, the couple borrowed €1 million against their villa with the bank. They say the British financial adviser who sold them the equity-release mortgage told them it would be a ‘win-win’ situation.

They were told they could free up hundreds of thousands of pounds from the mortgage, and the fund would pay off the loan. They believed the investment they were sold separately through Danish bank Sydbank would leave a little extra to boost their pensions.

To cover the mortgage, the Moulds have rented out their dream home. Their friend is letting them live rent-free in the apartment. The couple fear it is only a matter of time before their home is repossessed. And because property values have dropped, they could lose up to €300,000 (£249,966)

‘This has totally devastated us. It is heart-breaking — we face losing the home we worked for a lifetime to buy,’  says Mr Mould. 

Sydbank would not comment on  the case.

Others who took out equity-release schemes with collapsed Icelandic bank Landsbanki have been told it will settle — as long as they pay part of the money owed, in some cases hundreds of thousands of pounds.

One couple, Linda and Frances Barlow, aged 63 and 75, who live in Nice in the south of France, believe the bank’s liquidators will repossess their home by May unless they stump up €1.3 million (£1.08 million).

The liquidators proposed a compromise deal, but it would have required the couple to find €500,000, which they do not have.

The Barlows took only a small proportion of the loan as cash. The rest was invested by the bank, and lost when it collapsed in 2008.

‘We wanted some cash to renovate,’ says Mrs Barlow, a musician from London. ‘We didn’t want to take out a big loan, but the financial adviser told us we were foolish to be sitting on an asset and that we should get an equity release to have an income. Now we are going to lose everything.’

Pensioners fight to keep their homes

Scores of pensioners have launched legal action against the banks and financial advisers who sold them the loans. Solicitor Antonio Flores, of Spanish law firm Law Bird, who is representing some of them, says: ‘Many people are left with huge bills and in fear of losing their homes.’

In February, the European Commission announced plans for an independent ombudsman to deal with mis-selling cases against financial advisers working in the Costa del Sol.

Meanwhile, the Foreign and Commonwealth Office has issued official warnings about mortgage schemes advertised as a way of cutting tax bills.

Any expats thinking of signing up to an equity-release scheme in Spain should check the company is registered with the agency in charge of the Spanish stock market, the Comision Nacional del Mercado de Valores (CNMV).

It will also provide a list of companies that are not authorised to operate in Spain and those that have warnings issued against them. 

Remember to seek independent legal advice before signing a contract.

If you believe you have been a victim of a fraud involving an equity-release scheme, then register a statement with the police.

Seek independent legal advice about taking action through the courts.

If you wish to complain about the performance of your investments, you should first complain to the equity-release company.

After two months, if you are not happy with the response, take your complaint to the Spanish Investors’ Complaints Office: Oficina de Atención al Inversor, Miguel Ángel 11, 28010 Madrid. 

There is also an office at Paseo de Gràcia, 19, 4ª Planta, 08007 Barcelona.

THE FIGHT TO KEEP THEIR HOMES

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THE Marriott's Marbella Beach Resort is amongst the favourite family hotels in Spain, according to TripAdvisor’s Traveller’s Choice 2012 list.

The hotel comes in at 13th place on a list of the 25 favourite hotels for family vacations.
Nine of the first 10 positions are held by hotels in Mallorca, and the tenth, in fourth place, is the Aparthotel Golden Avenida Suites in Salou (Cataluña).
The list is created based on the opinion of millions of tourists who have travelled with their families.
Spain has five hotels amongst the top rated in the world, with the favourite being the Protur Bonaire Aparthotel in Mallorca, and eight amongst the Top 25 in Europe.
According to the results of a TripAdvisor survey carried out with 627 Spanish tourists, family holidays are the most popular in Spain, with 45.3 per cent of the total.
Most Spanish families take one or two holidays per year, and there are between two and four members.
Most of them travel to beach locations or cities, for an average of one week.

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Marbella’s “Familiar” House by A-Cero Architects

If you like keeping an eye on the cutting edge of modern architecture, you will decisively enjoy the latest work from renowned group A-Cero architects. This private residence is located in the Spanish town of Marbella, a cozy seaside village that you may recognize as fashionable and popular holiday destination for the rich and affluent. As you can see from the pictures below, this lovely display of Spanish architecture – known as the “Familiar” house – is nothing short of impressive, with its elegant use of natural stone and water mirrors.
The “Familiar” house looks strikingly elegant and sophisticated, and it exudes luxury and modernity… which is right in line with the previous work by A-Cero. From the ample spaces within to the bold angles outside, as well as the surrounding black swimming pool, there are many touches to this building that make it interesting from an architectural standpoint. If you ever get a chance to visit this lovely house, congratulate yourself: because it clearly means you’re living the high life.

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Loneliness is the main issue surrounding a move to Spain

According to the participants’ responses, Loneliness is the main issue surrounding a move to Spain, with the 35.29% of the vote.

The fact that loneliness, as is becoming a trend amongst the vast majority of countries, was one of the main issues facing expats moving to Spain may well surprise many. Spain is a country which, especially for the UK expat community, can in many ways seem like “home from home” due to the vast number of people having moved there over the years. However, it is easy to forget Spain is also a major attraction for other expat communities around the world and as such there may be issues for other foreign nationals.

The subject of loneliness is one which appears to be more and more prevalent in the minds of expats looking to move to many countries around the world. It is very often an issue which is initially ignored because many people automatically assume they will “drop into their new life” and all will be well. However, once the excitement, once the glitz and glamour of your new move have subsided you will literally be left to look at your new life and what that entails. One of the best means of combating loneliness is to get yourself out and about in the local community and ensure that you do your best to mix. Sitting back at home waiting for everybody else to do their bit to make you feel welcome is a recipe for disaster because everybody else has their own life and you need to be more proactive.

The common trend amongst expats moving overseas is to move for employment opportunities with more and more families now moving as a group. However, while the family environment will obviously assist in the settling down period there will be times when one partner in particular is left alone for a significant amount of time. This may well be somebody who is working out of a home office, a partner left behind to look after the children in the house or some other similar situation. It is these difficult situations which can introduce nerve wracking and emotional bouts of loneliness which can then transfer to other areas of your everyday life.

The main way in which you can address these issues is to talk, talk, talk and ensure that each and every person in your group is there for one another. If you find yourself in a situation which makes you feel uncomfortable or you can see bouts of loneliness on the horizon then you need to shout up and stand your corner. There is no point sitting back and hoping that the loneliness will pass because it is very often a self fulfilling prophecy once it begins. Build your own social network, make friends with the local community and above all get yourself out of the house as much as you can because it is unhealthy to stay between four walls 24 hours a day!

Relationship problems (17.65%)
The problem of relationship problems is never far behind in relation to potential issues awaiting expats moving overseas. The situation in Spain is no different to that anywhere else around the world and even before you apply for your travel documentation you need to be 200% certain that each and every member of your party is behind the move. If you yourself are having second thoughts or things are preying on your mind with regards to a move overseas then you need to make your partner aware as soon as possible. Even the best relationships in the world will at some stage encounter turbulent waters when moving overseas because of the alien environment in which you will find yourself. If you are at home and you have problems with your normal everyday life then you will have friends, family and colleagues to talk to, but if you are overseas then your expanded network is much smaller. You may not have anybody to talk to about relationship problems!

We’ve also seen the emergence of another trend with regards to the expat community with many people now moving overseas to be with a loved one they have met in a foreign land. For many people this is literally the stuff of fairytales and dreams but unfortunately these fairytales and these dreams can turn into a nightmare unless you are realistic and face reality as soon as possible. If you are moving overseas to be with a foreign national then there will at some point be cultural issues, work issues, social issues and a whole array of other problems which you may or may not have thought of. That is not to say these are not insurmountable problems and challenges but those who expect to move overseas with a new love may well find the waters a little more choppy than they had expected.

There are potentially unique situations in Spain regarding for example UK expats because of the number of UK expats already in the region. If one member of your party is spending more and more time with other expats then this can lead to jealousy and potential relationship problems although many of these feelings may well have never merged under “stress free” situations. Moving overseas is something which needs to be done as a group and together rather than going off doing your own thing and potentially leaving the opportunity for loneliness to creep in and lead to arguments and potentially serious relationship issues.

Healthcare (17.65%)
Healthcare is one of those issues which is initially in the upper most minds of many people but unfortunately it can be forgotten further down the line as money becomes tight and budgets are stretched. However, if you are moving to any country in the world you need to ensure that you are fully aware of the health services available and the potential cost to you. When in Spain, in simple terms, you will be treated on the same basis as a resident of Spain and indeed those who have a European health insurance card may well be able to claim back any medical costs upon returning to the UK. If you have moved to Spain full-time then obviously this will not be an option.

The NHS style service available in Spain offers free healthcare to the masses although there may well be areas in which you are asked to contribute towards the costs. One issue which you may encounter, and indeed you may already have come across when taking a holiday in Spain, is the number of private doctors. Many hotels and other corporate entities will automatically recommend you to a private practice because very often they will receive some form of remuneration possibly in the form of commission. Indeed, even if an NHS doctor is called out there is every chance that they may well offer some form of private treatment as well and you will need to specify what is required, i.e. state funded treatment.

While there are obvious attractions with regards to the Spanish healthcare system, and the fact it is available to the masses, you may well wish to look towards private healthcare especially if you have a family. There is no state funded health care system in the world which is not being overstretched with regards to funding and footfall and Spain is no different. We have seen similar issues in the UK whereby the cost of treatment continues to rise as does the number of people seeking treatment. There may be a situation when you require treatment immediately, something which may well lead to waiting lists with the state service, and in these situations private healthcare insurance can literally be worth its weight in gold. Healthcare is an issue which you should consider at a very early stage and you must make yourself fully aware of the pitfalls which may await you.

Cost of living (5.88%)
While there was a disappointing response from the Spanish expat community in relation to our online poll it is interesting to see that the cost of living does not appear to be a major problem for many people. We would assume that the vast majority of those who responded to this online poll, and who live in Spain, are from the UK expat community where the difference between the relative costs of living has been very clear for years.



It is interesting to see that a group of pensioners now living in Spain, but originally from the UK, have set up a movement to pressurise the UK government to reconsider increased pension payments to those overseas. It seems that a number of UK expats now living in Spain are struggling on a financial basis with their income well under the European level for “minimum income”. This is certainly a problem which is facing many from the UK who now live overseas but are entitled to pension payments from the UK government because of their previous national insurance payments. However, the cost of living in Spain has increased over the last few years in line with the rest of Europe where commodity prices have had a larger than expected impact upon food price inflation.

Spain is a country, like so many, which takes in everything from the cheap and cheerful holiday destination to the luxury areas such as Barcelona. The variation in climate, prospects, terrain and attractions is often translated into a large variation in the cost of living. The ongoing economic crisis across the Eurozone, and indeed across the world, has had a dramatic impact upon property prices but in many cases commodity prices have pushed food inflation higher and higher. If you are looking to move to Spain it is paramount that you look at an area which best suits your budget, best suits your hopes and then decide if a move to Spain is really in your best interests.

Cultural differences (5.88%)
Cultural differences between expats living in Spain and the Spanish national community would appear to be very thin on the ground if this poll is anything to go by. It is unclear exactly why this may be the case although when you consider that Spain has been a popular holiday destination for over 40 years now, especially amongst the UK population, it is maybe no surprise to learn that historical friction between cultures has reduced over the years.

When you also take into account the fact that the Spanish economy relies very heavily upon the tourism industry then it would make sense for the Spanish population and the authorities to avoid conflict and friction wherever possible. That is not to say that instances of cultural friction do not occur because with the best will in the world people are very different and we all have very different views. It has long been said that those who move overseas and readily seek out cultural differences and cultural friction should not really be moving to another country. Part of the overall experience of moving to a new land to begin a new life is to appreciate the local culture otherwise why would you have left your original homeland in the first place?

If you ever do decide to move overseas you should move somewhere which attracts you on a basic level and somewhere which interests you on a higher level. Experiencing and integrating with new cultures around the world will most certainly broaden your own horizons and could even open up new opportunities and ambitions for you.

Other problems (17.65%), namely Bureaucracy and Employment
There were a number of other issues brought to the attention of the expat community on the expat forum website which mainly included Bureaucracy and Employment.

Time and time again the subject of bureaucracy, mountains of paperwork and forms are discussed in negative terms by the expat community. However, the truth is that due to issues out with the control of the Spanish authorities, i.e. international crime and terrorism, there is a need to be safer and ensure that all paperwork is in place and all people are who they say they are.

A good way to save up some of your precious time when doing your finance or daily banking is to open an offshore account that will allow you to meet those distinct financial needs that your local bank may not be able to meet by the time you can benefit from no-hassle online banking and financial planning help.

Employment under the current economic cloud is going to be very difficult in any country around the world and Spain is no different. Over recent days we have seen problems with the Spanish debt markets and indeed the government has been forced to increase the amount of interest it is willing to pay to attract IOUs from investors. However, it is not all doom and gloom because Spain is an enormous economy and no matter how difficult the environment is at the moment opportunities will be there if you look hard enough.

Conclusion
Spain has been one of the most popular expat destinations for the UK community for over 50 years now. It is an area of the world which takes in a number of cultures, climates and indeed a vast array of different terrains. However, moving to a new country will present challenges for you with loneliness, relationship problems, healthcare, cost of living and cultural differences very much at the forefront of the minds of many people.

The truth is that none of these problems are insurmountable and those who literally give up and go home at the first sign of difficulty should maybe never have considered a move in the first place. If you take a step back and consider the potential issues if you ever moved within your former homeland they are very similar. The only real difference is the fact that in a foreign land small issues can quickly become larger and if left to fester they can quickly impact upon other areas of your everyday life.

Spain is a country which is certain to attract more than its fair share of expats in the months and years ahead despite the fact that the ongoing economic downturn across Europe has had a big impact upon the region. However, there will always be a tourist industry in Spain which will attract visitors from overseas which will then have the knock-on effect of attracting more and more expats in the future. There are short-term issues to take into account regarding the economy and the immediate prospects for Spain but in the long run this is a country which has been held close to the hearts of many people.

There are many areas of Spain from which to choose so you need to do your homework and find something which is compatible with your prospects, your hopes and more importantly your finances. If you find this perfect area then you have every chance of a successful move to a very popular country!

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Easter airport 'gridlock' warning

 

Airlines have warned the Home Secretary that Britain "risks gridlock" at airports including Heathrow and Gatwick over the Easter break due to staff shortages. More than 370,000 passengers will leave Heathrow airport between Good Friday and Easter Monday, and 200,000 will pass through Gatwick. A spokesman for Heathrow owner BAA told the Daily Telegraph: "Immigration waiting times during peak periods at Heathrow are currently unacceptable and we have called on the UK Border Force to address the problem as a matter of urgency. "There isn't a trade-off between strong border security and a good passenger experience. UK Border Force should be delivering both." Meanwhile, Britons attempting to travel by rail and road face delays because of engineering works taking place on motorways and train lines. Stretches of the M1 and M25 will be affected, and the seven million passengers travelling by train over the weekend will see disruption to travel to and from Euston, King's Cross, Liverpool Street, and Waterloo stations in London. British Airways and Virgin Airlines are among 11 firms that have written to Theresa May in anticipation of "unacceptable" delays to hundreds of thousands of passengers travelling over the long weekend. The UK Border Agency is under fire for a lack of staff able to carry out full security checks, which the airlines say must result in a recruitment drive or the relaxing of some of the more stringent measures currently in place. A spokeswoman for Virgin Airlines said: "While the decision on what level of check should be made at the border is, of course, a matter for Government, we are concerned that there is currently a mismatch between policy and resource. "After years of reducing frontline staff, returning to a 100% check system will undoubtedly mean lengthy queues at UK airports over critical holiday periods such as Easter and the Diamond Jubilee."

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Legal High Mexxy, Alternative To Ketamine, To Be Outlawed

 

legal high known as "mexxy" is to be outlawed, the Government has announced. It follows concerns that two people whose bodies were found in Leicestershire in February may have taken some form of the drug after buying it over the internet. Methoxetamine, or mexxy, will initially be made illegal for 12 months while Government advisers decide whether to ban it completely. Crime Prevention Minister Lord Henley said: "Making this drug illegal sends a clear message to users and those making and supplying it that we are stepping up our fight against substances which are dangerous and ruin the lives of victims and their families. "But making drugs illegal is only part of the solution. "It is important for users of these harmful substances to understand that just because they are described as legal highs, it does not mean they are safe or should be seen as a 'safer' alternative to illegal substances." Anyone caught making, supplying or importing the drug faces up to 14 years in prison and an unlimited fine. Under the change in law, police and border officials will also have new powers to search or detain anyone they suspect of having the drug and seize, keep or dispose of a substance they suspect is methoxetamine. After its growing use as a party drug, the Home Office referred mexxy to the Advisory Council on the Misuse of Drugs (ACMD) for its views on controlling it earlier this month. The drug, used as an alternative to ketamine, is widely available on the internet. Its effects include a faster heart rate, hallucinations, hypertension, loss of balance, higher blood pressure, agitation and cardiovascular conditions. Tests by the ACMD also found evidence that use of methoxetamine can lead to "significant additional toxicity". Professor Les Iversen, chairman of the ACMD, said: "The evidence shows that the use of methoxetamine can cause harm to users."

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Russian shot in UK was due to give evidence

 

Russian banker shot five times close to London's financial district had been days away from giving evidence to an investigation into the attempted murder of a former business associate, his lawyer has said. German Gorbuntsov, who at the height of his business empire owned four Russian banks, was walking towards his apartment block near the Canary Wharf banking district when a gunman opened fire on Tuesday evening, leaving him badly injured. London police said on Saturday they were keeping an open mind about the motive of the attack. Gorbuntsov's lawyer, Vadim Vedenin, said the 45-year-old remained in a medically induced coma to give him a chance to recover, and that doctors were hoping to revive him in about three days. Vedenin said his client had been due to give evidence before the end of the month to an investigation by Russian prosecutors into the attempted murder of another Russian banker and former business associate of Gorbuntsov's, Alexander Antonov, in 2009. "He was preparing to give evidence on certain people. He has already given it in written form and he was going to do so in official testimony," Vedenin said by phone on Saturday, adding that Gorbuntsov had come to London because he feared for his life. The attack occurred outside the door of a block of high-end serviced apartments a short walk from the skyscrapers of Canary Wharf. A member of the building's staff, who declined to give his name, said he heard no shots, but ran outside when he heard frantic shouting. "He is a customer here. He was still alive. He spoke to us in Russian. I understood what he was saying," the member of staff, a Polish man, said. "He was swearing a lot." LONDON RUSSIANS London is home to thousands of Russian business people seeking capital, prestige and, in many cases, a haven from the rough and tumble of their home country's financial world. Alexander Antonov made his career in the nuclear industry, then became its banker as owner of Konversbank, a financial institution founded to serve the nuclear industry about two decades ago. Antonov said he and Gorbuntsov had disagreed over the terms of a bank sale just before the debt crisis of 2008, but that there had been no acrimony. "Our relationship is friendly, and it has always been friendly," he told Reuters. "I have a great personal interest in his testimony." The attempt on his life in 2009 was linked in Russia to the 2008 murder in Moscow of Ruslan Yamadayev, a powerful opponent of the Kremlin-backed Chechen leader Ramzan Kadyrov. The two incidents were tried as a single case and three men were convicted. But the person or persons who ordered the murders was never identified, and the case had lain dormant until this year. Diplomatic relations between Russia and Britain have been tested by a series of disputes involving Russian emigres. Russia has refused to extradite the man suspected of murdering former Russian spy Alexander Litvinenko by putting radioactive polonium in his tea in London. Meanwhile London courts have refused to extradite men wanted in Russia, including the Russian tycoon Boris Berezovsky, a former Kremlin insider turned fierce critic with criminal convictions in Russia. Berezovsky, who says the charges brought against him in Russia are politically motivated, said by telephone from London that he did not know Gorbuntsov personally, nor did he know of any Russian criminals hiding out in London. "One can give differing views, but it is important to understand that, from my not-exactly-dilettantish point of view, there is no place safer than London from Kremlin bandits or from Russian or international criminals," he said. "But that of course is no guarantee they won't get you."

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More and more footballers are going bankrupt despite Premier League wages now averaging £1.47 million a year,

 

More and more footballers are going bankrupt despite Premier League wages now averaging £1.47 million a year, experts have claimed.  Mark Sands, head of bankruptcy at accountancy firm RSM Tenon, said the lavish lifestyles of the players coupled with poor investment choices has led to increased vulnerability. "In 2010 the average salary of a player in the Premier League was £1.47 million, 56 times the average UK wage," Sands told the Birmingham Mail. "But as their wages have increased so have the number who become insolvent. "We have certainly had an increase at RSM Tenon in the past three years. The main reasons for this can be unsustainable consumption, falling incomes after leaving the top flight, poor investment and lack of financial awareness." Last month former England international Lee Hendrie was forced to declare himself bankrupt after racking up debts of more than £200,000 with the taxman, despite earning £24,000 a week at the peak of his career. RSM Tenon stated: "The debts have apparently been a result of a tax scheme Hendrie was advised to enter into which was rejected by HM Revenue & Customs, leaving an unpaid tax bill which led to the petition. “Investments made during his peak years, in properties and film-related partnerships, went bad, leaving no money for Hendrie to turn to when times were tough.” Last year, current Tottenham goalkeeper Brad Friedel was also declared bankrupt after his non-profit US football academy ran up debts of close to £5m.

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TOWIE to shoot summer special in Marbella

 

Sam Faiers and the rest of her TOWIE castmates are apparently jetting off to Spain to film a special this summer. The reality TV stars will be shooting in sunny Marbella - where they holidayed last May - later on this year, reports the Daily Star. Speaking at the Tric Awards, Sam said the special will need "lots of dramas, a fight and maybe a wedding." Co-star Gemma Collins, who was snapped soaking up the rays in a black bikini during last year's trip, said the group are "all up for it". "We've been begging for a summer special in Marbella for a while," she said.

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Could abolishing tax havens solve Africa's financing needs?

 

The past month, the spotlight has been on James Ibori, the governor of Nigeria's Delta state from 1999 to 2007, who pleaded guilty at in a London court to 10 counts relating to conspiracy to launder funds from the state he governed. Ibori was accused of siphoning off an estimated $250m and laundering it in London through a number of offshore companies and financial intermediaries to fund his extravagant lifestyle of lavish mansions, expensive cars and private jets. This mode of illicit capital flight is by no means restricted to one rogue Nigerian governor or even African leaders at large, nor is it the most important means by which capital leaves the continent (and developing countries generally) illicitly. True, $250m from one source is substantial. But this pales into insignificance compared with the estimated $100bn that left Nigeria illicitly between 1970 and 2008, according to Global Financial Integrity (GFI). The bulk of this haemorrhage, contrary to popular belief, is not through the laundering of corrupt money but through commercial activities, and particularly through multinational corporations. According to GFI's conservative estimates, more than $1.8 trillion left African shores illicitly between 1970 and 2008. Of this, only 3% is attributable to bribery and theft by government officials, 30%-35% results from the laundering of criminally acquired wealth (drugs, illegal arms sales, human trafficking, etc), and the bulk – 65%-70% – is from commercial activities, especially through trade mis-pricing of goods. Over the last 10 years, the average annual outflows of this sort exceeded $50bn. This compares with annual aid inflows of less than $30bn. The outflows are largely to avoid or evade tax and to conceal wealth. This week's proposed change by the chancellor, George Osborne, on how foreign subsidiaries of multinationals based in the UK are taxed, will give even less incentive to keep money in poorer countries. Reform of these controlled foreign company rules in the upcoming budget would strengthen the financial case for shifting money to tax havens by making profits made by multinationals abroad and retained in offshore jurisdictions free from UK tax. This could cost developing countries £4bn a year in lost tax revenue, according to ActionAid estimates. These outflows undermine the rule of law, stifle trade and worsen macroeconomic conditions. They are facilitated by around 60 tax havens and secrecy jurisdictions that enable the creating and operating of millions of disguised corporations, shell companies, anonymous trust accounts and fake charitable foundations. They allow the likes of Ibori and many multinational corporations to cripple Africa financially and politically. Given that about 50% of global trade passes through tax havens, these jurisdictions facilitate trade mis-pricing by making it difficult for documentation to be traced. Transnational companies have the ability to set up multiple trusts and shell companies in these jurisdictions. This is significant because about 60% of global trade takes place between and within multinational companies. Secrecy also attracts criminal activity, and the laundering of corrupt money through concealment of the natural beneficiaries behind shell companies and trusts. Africa is experiencing economic growth, and for the increasing wealth to be channelled to public services, development and the achievement of the millennium development goals by 2015, it is urgent the problem of tax havens as a conduit for illicit outflows is addressed. The high-level panel set up by the African Union, the African Development Bank and the UN Economic Commission for Africa, and chaired by former South African president Thabo Mbeki, is a significant step forward – and testifies to the importance of this issue for Africa's development. The ball is now in the court of the rich countries.

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20-STRONG ‘dog squad’ is taking on disobedient dog owners in Marbella.

 

The pet owners are being targeted in a crack down on those breaking strict bylaws with 440 summonses being issued in just 30 days. The most common offence involved dogs not being kept on leads, while others included owners not clearing up after their animal and dogs not being muzzled. Fines ranged from 75 to 3,000 euros depending on the offence. The most serious breach of the law involved 24 summonses for owning potentially dangerous breeds that weren’t registered or did not have the necessary paperwork.

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Michael Jackson's entire back catalogue, including previously unreleased material from his sessions for 'Bad', 'Off The Wall' and 'Thriller', has apparently been stolen by computer hackers.

 

Michael Jackson's entire back catalogue, including previously unreleased material from his sessions for 'Bad', 'Off The Wall' and 'Thriller', has apparently been stolen by computer hackers. Sony Music paid the late singer's estate over $250 million (£158 million) for the back catalogue in 2010 and released the first swathe of tracks from it at the end of that year with the posthumous album 'Michael'. According to The Sunday Times, the tracks stolen include duets with Black Eyed Peas mainman will.i.am and Queen's late frontman Freddie Mercury. A source told the paper: "Everything Sony purchased from the Michael Jackson estate was compromised. It caused them to check their systems and they found the breach. There was a degree of sophistication. Sony identified the weakness and plugged the gap." Sony themselves have not commented on the leak or confirmed exact details of what was taken. Jackson died at the age of 50 from an overdose of the anaesthetic propofol. Last November, his physician Dr Conrad Murray was convicted of his involuntary manslaughter and sentenced to four years in prison. However, last month (February 23) it was reported that Murray was appealing his sentence and was claiming that Jackson was so concerned about his finances that he recklessly self-administered a fatal dose of the drug Propofol.

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Australian facing drug death penalty in Malaysia

 

AN AUSTRALIAN man is facing the death penalty after being arrested in Malaysia for allegedly trying to sell methamphetamine. Malaysian police have confirmed a West Australian man ''tentatively charged'' with trying to sell 225g of methamphetamine could be executed. Malaysian Police Narcotics Supt Nafisah Adam said today that a former Perth man, 32, was being held in custody, along with three local men. They were all arrested on Thursday over a string of alleged drug offences. Supt Nafisah said the Australian man had been caught with a large quantity of methamphetamine ''in his hands'' at a coffee shop in the Malaysian capital of Kuala Lumpur. He added that a search of his nearby house had uncovered a ''smaller volume'' of drugs and led to the arrests of three local men. Under Malaysian law, a person convicted of possessing more than 50g of methamphetamine is declared a drug trafficker and faces a mandatory death sentence. Supt Nafisah said the arrests were part of an ongoing anti-drugs operation, and that the men had been under surveillance for some time before their arrests. ''It's part of a team of investigation that was carried out,'' she said. While the Australian and the other men had been ''tentatively charged'', official charges could follow chemical analysis of the seized substances. ''He is being held and tentatively we will charge him, but it depends on the contents of the substance on him,'' Supt Nafisah said. ''But I can say (if the drugs are confirmed), definitely he will be charged.'' Supt Nafisah said under Malaysian law, the men could be held in custody for up to 14 days without charge while police continued to investigate them. They are expected to initially appear in a magistrates court in Kuala Lumpur, but could be transferred to a higher court if serious charges are laid. ''If it's confirmed drugs, his case will be transferred to a higher court,'' Supt Nafisah said. ''Yes, they could face the death penalty if convicted.'' Australia's Department of Foreign Affairs and Trade confirmed today that the Australian man had been arrested on March 1. ''Malaysian authorities arrested a 32-year-old Australian man from Western Australia for allegedly selling methamphetamines,'' a DFAT spokesperson said in Canberra. ''Consular officials in Kuala Lumpur are seeking access in order to offer consular assistance to the man. ''It is possible that he will be charged with Trafficking in Dangerous Drugs, Section 39B of the Dangerous Drugs Act 1952, which carries a mandatory death penalty upon conviction.'' The Australian's father was reported to have said he was unaware of his son's arrest and had not been able to contact him recently. It is believed that until six months ago, he had lived with his father in the southern Perth suburb of Success, but had then moved into an apartment in the central suburb of Mt Lawley. Malaysian police federal narcotics director Noor Rashid Ibrahim was reported as saying the Australian man intended to smuggle drugs back to Australia. Supt Nafisah said she was not aware if the man's father planned to travel to Malaysia to see his son. Malaysia has executed three Australians for drug offences in recent decades. Kevin Barlow and Brian Chambers were hanged in July 1986, followed by Michael McAuliffe in June 1993. Asked about the case today, Acting Foreign Minister Craig Emerson declined to go into details. ''We will provide, as we always do, every consular assistance to every Australian citizen but beyond that, it would be wrong for me to speculate about the nature and causes of the apprehension of this man,'' Dr Emerson told reporters in Canberra. ''Let the justice system take its course.''

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Paul Conroy claimed to be 'safe' in Lebanon after being smuggled out of Homs

 

Conroy, a British photographer working for the Sunday Times, and Bouvier, a French correspondent for Le Figaro, were reported to have travelled safely out of Syria overnight and were in Lebanon on Tuesday morning. "We've just had word from Beirut," said Mr Conroy's father, Les, on Tuesday morning. They are understood to have been smuggled out of a besieged enclave of Homs by the Syrian opposition. However, there were conflicting reports over whether they had been successfully evacuated. Miles Amoore, Sunday Times correspondent in Afghanistan, tweeted that they were still in the Baba Amr area of Homs. Both journalists suffered leg injuries last Wednesday during a barrage that killed Marie Colvin of the Sunday Times and Remi Ochlik, a French photographer.

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Sunday Times journalist Marie Colvin killed in Homs

 

Marie Colvin, the respected Sunday Times journalist, was killed today alongside French photojournalist Remi Ochlik in Syria. The veteran correspondents were killed by a rocket as they fled the house they were staying in, which was hit during shelling in Homs, a witness told Reuters. Colvin, the only journalist from a British newspaper in the besieged city, had covered conflict for The Sunday Times for the past two decades.  French government spokeswoman Valerie Pecresse confirmed the deaths. At least two other Western journalists, and seven activists were reported to have been injured after in excess of ten rockets hit the house. The Foreign and Commonwealth Office said it was investigating reports that a British photographer was also injured in the incident. Yesterday government troops heavily shelled the districts of  Baba Amr, Khaldiyeh and Karm el-Zeytoun  in Homs, which is considered to be a stronghold of resistance. Ochlik, the founder of the picture agency IP3 Press, was an award-winning photojournalist who covered events including the 2004 rioting in Haiti and last year’s Arab Spring. US-born Ms Colvin, in her final dispatches had detailed the unfolding conflict in Homs, which has been the focus of unrest against the Syrian president. While working in Sri Lanka a grenade attack left her blind in one eye and forced her to wear an eye patch to cover up the injury. Ms Colvin, who was educated at Yale, started her career as a police reporter for a news agency in New York before moving to Paris and then London. She was featured in the 2005 documentary Bearing Witness about women war reporters and was named foreign reporter of the year at the 2010 British Press Awards. The same year, she spoke at a memorial service for journalists who died reporting conflicts around the world.

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Pattaya's foreign criminals feel the heat

 

 

This is why the Provincial Region 2 has established the Transnational Crime Coordination Centre (TNCC) to deal directly with foreigners who come to Thailand to commit crimes. The existence of the centre has shed some light on how diverse the transnational gangs in Pattaya are and how their illegal businesses in this tourist centre have flourished. French nationals Nagim Hassainia, 33, and Samir Raihane, 41, who are suspects in a credit card fraud case, were arrested on Feb 2. The suspects were nabbed at a hotel in Pattaya after police found them withdrawing money from an ATM using forged credit cards containing information stolen from other countries. They sent 70% of the money back to their networks in France and took the rest of the money, the TNCC said. At least 10 members of the French gang are thought to be still on the loose. Some of them are responsible for stealing credit card information and ATM pins using a skimmer. Police seized 31 fake credit cards and 125,000 baht from the suspects. "This case could cause serious damage to Thailand's reputation," said Pol Lt Gen Panya Mamen, chief of the the Provincial Police Region 2. He said there were many foreign criminals on Pattaya's streets _ and one way to better deal with them was to improve the capacity of the TNCC, especially its ability to gather information and put it into the police database. "I have to admit there are a lot of foreign criminals who are tourists in disguise. Some are here to work with their Thai counterparts, while others act on their own," Pol Lt Gen Panya said. "Some are paedophiles. Others are criminals wanted by police in other countries yet come here pretending to be language teachers. All this makes Pattaya sound like a horrible city." Pol Lt Gen Panya hoped the Provincial Police Region 2 would achieve its goal of significantly decreasing the number of "unwanted visitors" in Pattaya within six months. The Provincial Police Region 2 is also stepping up efforts to strictly enforce the Immigration Act in which foreign suspects who are found to have criminal records or believed to be involved in a crime will have their visa nullified immediately and be extradited. These suspects will also be blacklisted by Thai immigration authorities. "They normally move around from Pattaya to Phuket, Koh Samui, Chiang Mai and then return to Pattaya again. If we can pool information, it will become easier to track them," Pol Lt Gen Panya said. Different gangs committed different crimes, ranging from theft to murder, he said. Pol Lt Gen Panya said some French gangs were known to be involved with fake credit cards and ATM cards. He said some Colombian gangs were involved with theft, whereas some Taiwanese gangs were linked to call centre scams. Pol Lt Col Chitdecha Songhong and Pol Capt Prajakpong Suriya of the TNNC, who arrested members of a French gang, agreed that inter-agency cooperation was crucial to uprooting a transnational gang. Pol Capt Prajakpong said it was difficult to locate foreign suspects even if police had pictures of them because they were frequently on the move and it was not easy to find information about them. "Pattaya is a popular criminal base because it's a hub of tourists and expatriates and the city has a lot of diamond and gold shops," he said. "The city also has many unregistered or illegal residential services which allow those criminals to stay here and hide away from immigration authorities." The TNNC is working with embassy officials in Pattaya and local banks to keep an eye on foreigners who come to the city to commit crimes.

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Canadian woman charged in Gadhafi smuggling plot

 

The Mount Forest, Ont., woman held in a Mexican jail since November in a suspected plot to smuggle Moammar Ghadafi's son and his family out of Libya has been charged with falsifying documents, organized crime and attempted human smuggling. The charges were laid the same day Cyndy Vanier's family released a letter outlining what she calls deplorable conditions endured in the Mexican jail where she is being detained. Vanier, 52, was picked up in Mexico, where she and her husband have a winter home, last Nov. 10 and held without charges until Tuesday when a judge ordered warrants against two women and two men for a suspected plot to whisk Saadi Gadhafi and his family to Mexico. Those four people were Vanier, a mediator specializing aboriginal dispute and president of Vanier Consulting, and three other arrested in the alleged plot. Vanier has been pointed to as the ring leader. The charges were outlined in a press release from Mexico's office of the attorney general, who said its investigation showed a group had attempted to smuggle Gadhafi's son and his family in July but failed. A decision was made to make a second attempt and use another aircraft company to move the Gadhafis. The charges include accusations of falsifying a passport, voter registration card and a birth certificate. A house was bought in Bahia de Banderas, Nayarit, Mexico, to hide the family. There was also an attempt to buy an apartment in St. Regis hotel in Mexico City. The allegations, unproven in court, were linked to the theft of 4,586 passports in 2009. The charges outlined in the news release are for human smuggling, organized crime and counterfeiting three official documents. Vanier and the other female suspect are being held in a federal prison in Chetumal, Quintana Roo. The men are in a facility in Veracruz. Vanier wrote in the letter released by her family that she has been abused and tortured while in custody. Until Wednesday, she had been held on a judge's order. Under Mexico's preventative arrest law, people can be held up to 90 days without charge as investigators gather enough evidence to charge them. Bail is uncommon and not available at all for people accused of serious crimes. Her Canadian lawyer, Paul Copeland, said there was no coincidence as to why the letter was released early Wednesday when Vanier was finally charged. The family had it in their possession for some time, but waited until the detention order was over "so not to prejudice the situation." A spokesman for Minister of State for Foreign Affairs Diane Ablonczy confirmed Vanier contacted the Canadian government to allege she'd been abused in Mexican custody. "Officials have received, but have not verified Ms. Vanier's allegations. Canadians officials are reviewing these allegations and will act accordingly," John Babcock said. "Ms. Vanier faces very serious allegations in Mexico including the falsification of documents, human trafficking and participating in organized crime. Canadian officials are providing her with consular assistance, but Canadians travelling abroad are subject to the laws in the countries they visit. "Canada will continue to interact with Mexican authorities on her behalf as required, and our consular officials are ensuring that her medical concerns are being addressed." In a letter to Canada's foreign affairs department obtained by the CBC, Vanier said a dozen officers took her into custody on Nov. 9 and one of them struck her en route to a detention centre as they drove past her co-accused and lawyers. "I tried to yell out the open window ... and as I did, one of the female officers struck me with her elbow on the lower right side over the kidney. I could hardly breathe it hurt so much ... I started to cry ... and they laughed at me," she alleges. Police accused her of being a terrorist and didn't allow her to call a lawyer or the Canadian Embassy, she said. Vanier said she was also denied access to the bathroom for hours and not given medical attention. Mexican authorities allege Vanier was the ringleader who tried to smuggle the slain Libyan dictator's son, Saadi Gadhafi, and his family into the country by falsifying documents, opening bank accounts and purchasing real estate. Vanier, a vacation property owner in Mexico, said she was in the country with her husband looking to buy property. Police questioned her about her real-estate hunting. Further suspicion arose because Vanier travelled to Libya in July for the engineering firm SNC-Lavalin with a former Gadhafi staffer as her bodyguard. Three other people, two from Mexico and a man from Denmark, have been detained as alleged accomplices. "I have suffered physical, mental and emotional abuse and trauma, and my rights as a Canadian citizen have been violated based on my international human rights as well as the Mexican constitution," she wrote.

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The Valencia government said authorities have taken measures to control the outbreak, including closing the hotel.

Saga said it learned on January 14 that one of its customers was being treated for pneumonia caused by the Legionnaires' bacteria and it then began moving customers to other hotels.

Paul Green, head of communications, said customers who had stayed at the hotel previously were contacted, and five people who recently stayed there were treated in British hospitals with all but one later discharged.

Legionnaires' disease is named after an outbreak at an American Legion convention in 1976 where 34 people died. It is caused by a bacterium most often found in sources of standing water and can be contracted by breathing contaminated air.

The elderly and people with weak immune systems or lung problems are most susceptible.

A spokeswoman for the Foreign Office confirmed a third death, saying: "We are aware of an outbreak of Legionnaires' disease in Calpe. Local health authorities have confirmed the death of three British nationals as a result and are investigating.

"We are providing consular assistance to those affected by the outbreak and their families."

Two of the men were found dead in their hotel rooms on January 26 and 31 and another man died in hospital on February 1.

All three were on holiday with over-50s group Saga.

The company's head of communications, Paul Green, said: "Of the January 26 and 31 deaths, neither gentleman had come forward as feeling unwell so neither was being treated for Legionella.

"Both were found in their respective hotel rooms by a member of staff.

"Initially the suspected cause was heart failure but we understand the Spanish health authorities say Legionella may have been a contributing factor.

"There have been no confirmed diagnoses of Legionella since January 29."

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U.S. court backs Spain over $500M sea treasure

 "With the ruling by the appeals court, the process begins to recover all of the coins taken illegally" from the sunken ship, Spain's Culture Ministry said in a statement. Odyssey, which can still appeal to the U.S. Supreme Court, said in a statement, "Currently, no final order has been issued in the case and it would be premature to comment at this time." The battle royal began after Odyssey announced in 2007 it had found the sunken treasure. It quickly laid claim to the coins, put them in crates and said it flew them to a discreet, well-guarded location in the United States. Spain soon filed suit in a federal court in Tampa, Florida, also claiming the treasure. Spain claims $500 million sunken treasure Spain says its navy warship Nuestra Senora de las Mercedes was carrying the coins. The Mercedes, a 34-gun frigate, left Peru in 1804 and crossed the Atlantic to within a day's sail from Spain when British ships attacked the Spanish fleet. In the ensuing Battle of Cape St. Mary, south of Portugal, the Mercedes exploded after being hit in its power magazine, according to the Spanish government's filing to the Florida court. The federal court in Tampa in 2009 ruled in favor of Spain's claim to the treasure, but Odyssey took the case to the federal appeals court in Atlanta, which ruled last September to uphold the lower court's ruling. At the end of that 53-page ruling, the three-judge appeals panel wrote, "For the foregoing reasons, the district court did not err when it ordered Odyssey to release the recovered" items to the custody of Spain, according to a copy of the order viewed by CNN. Since then, Odyssey has filed various motions at the appeals court to overturn or delay the ruling, said James Goold, a Washington, D.C., lawyer who is representing Spain in the case. But on Tuesday, the appeals court denied an Odyssey motion, the court's chief deputy clerk, Amy Nerenberg, told CNN by phone from Atlanta. Goold, who spoke to CNN by phone from Washington, said it appears that Odyssey's only possible appeal now would be to the U.S. Supreme Court. That court agrees to hear only a tiny portion of the cases presented to it. The appeals court is expected to send the case in the coming days back to the federal court in Tampa, which would establish and supervise the procedures for sending the coins to Spain, Goold said. Spain believes that the main part of the nearly 600,000 coins are currently in Florida, Goold said. Spain's Culture Minister, Jose Ignaico Wert, told CNN in Madrid on Wednesday that the case was never really about the money. "We're not going to use this money for purposes other than artistic exhibition, but this is something that enriches our material, artistic capital and it has to be appreciated as such," Wert said in an interview. He said the coins would be exhibited in Spanish museums. Peru has also followed this case. The silver and gold came from Latin America when Peru was a Spanish colony. "Formally, they haven't claimed anything, but we are completely open to consider the possibility of distributing some part of the treasure also among the Latin American museums," Wert said. The treasure includes a vast trove of coins, included fabled "pieces of eight," some minted in 1803 in Lima, Peru, Spanish officials said at a 2008 news conference. The treasure already has crossed the Atlantic ocean twice -- by ship in 1804 and then by plane in the other direction just a few years ago. Spanish officials hope it might finally arrive now for the first time on the Spanish mainland.

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