Thread: How I was deceived by developer in Panama

Year 2006

In June, 2006, I concluded several contracts on real estate purchase in Panama. As it turned out later, the contracts contained draconian provisions.

They stated the construction to last for 18-20 months. It was necessary to stand bail of approximately 30% of the lump sum on building stage; the rest of 70% was to be paid in after commissioning. If the purchaser cannot credit a regular payment, the contract is rescinded; however, the previous payments are not reimbursed him for. Five good years have passed but no building is constructed.

These are two office apartments of 156 meters each on the 23rd floor of Revolution Tower Building. Such facilities were priced at 256 thousand Dollars (or 258 thous.). I paid 10% of them; then 5% more and 5% at last. Totally, 20 % were transferred by me.

Year 2007 год

In 2007 I was somehow asked to re-conclude the contract and change the apartments on the 23rd floor for the similar ones but on the 20th floor. Later I was explained that the apartments on the 20th floor should have cost less. But the developer didn’t decrease the deal amount.

Certainly, this is my mistake but I still signed new papers without having read the detail carefully. Twenty per cent of the lump sum had been invested, prices were rising and I didn’t want the transaction to fell apart. There was a small point I had not noticed. The essence is that I should submit the bank certificate confirming my paying capacity or creditworthiness for that purchase in the amount 70% of the facilities’ lump sum before July, the 31st, 2008, a sort of indemnity bond. I was implied to provide such letter from a Panamian bank or a bank cooperating with some Panamian bank.

It’s worth mentioning, the construction did not begin at the moment. The construction site represented a level stretch. What kind of letter they could talk of if there was no building where my apartments were to be located?

Year 2008

Nevertheless, the developer, quidam Saul Faska, apprised that he wanted to meet me personally. However, if I did not go by the end of the year, he would just grab these two apartments from me, and my contribution equal to 20% of the offices cost would be cancelled. I came in November, 2008. There was a huge pit dug out, a five-store parking arranged on its bottom. The developer stated about price increase for me. If in 2006 the cost of one office made $ 258 thous., such apartments were assessed at about $ 400 thous. by 2008. We agreed on some averaged price: I was added $150 thousand, i.e. $75 for each project. The price for each office rose up to $333 thous. for nothing but an undelivered bank bond from me.
All constructors behave the same way in Panama. All contracts are concluded without a seal that is why the investor may be deceived easily.

- I dealt via a broker agency that managed its affairs below the belt, as far as it turned out later. Having used my poor knowledge of English, they misinstructed me. Later it was apparent that they deceives very many people, there was a great scandal. When the mediate died on its feet, I remained with the developer one-on-ones.

As I have said before, he jacked up the price of every contract for $75 thous., and proposed to re-conclude the contracts again. When I translated the new contract, I was stricken with dismay: it was much worse than the previous one. It stated that I had to pay $44 thousand more before the 31st, August, 2009, i.e. $22 thous. for each apartment. Besides, I had to submit the indemnity bond or pay in the remainder of money for the real estate before the 31st, July, 2010. There were other unpleasant articles also, for example, envisaging the developer’s title to add 5% to the cost of the facilities (what was made later) if the construction materials would growing more expensive; and in case of force majeure or other circumstances, the commissioning terms are allowed delaying for 12 months more. It was useless to argue: the developer delivered an ultimatum: I sign that contract or we stop our cooperation, therefore, I lose all the money invested.

As far as it was found later, many contract provisions were inconsistent with the legislation of Panama so he did not have any right to conclude it with us as it was. But I did not know about that at the moment. Having signed the papers, I paid the extra $44 thous., i.e. I contributed 30% of the amount he had added.

Saul Faska has brutally violated the legislation of his country having furnished me the contract in the Spanish language. During negotiations in December, 2008, an interpreter translated me our conversation with the developer but not the content of the contract. As I understood at signing moment, if I had not granted the bank bond by the 31st, July, 2010, I would have lost only last payment, and namely $22 thous. for each project. When I translated the contract after arrival into Kiev, I found that the document had provided for the loss of all the money invested for the real estate.

Year 2010

In summer, 2010 it became obvious that I had no money to pay for the offices the rest. Moreover, I could not obtain the indemnity bond from a Panamian bank as after my trip to Panama in December, 2008, I had cerebral accident. My health status was critical during six months; thereafter I was not ready for long-haul flights for several years.

I applied to lawyers for help but they just wrote some letters and met with the developer. He warned once again that I had to contribute the money for the real estate before the 31st, July, 2010 or deliver an indemnity bond from a bank whereby he said that the building would be committed approximately at the end of December, 2010. It looked incredibly as the construction was far from its final stage.

In spite of the high emolument for legal advisers, ($3 thous. for each project + 15% of the amount they would manage to receive from the developer), I wanted them to institute legal proceedings against Saul Faska. I hoped to suspend the contract in such way so as I would not have to submit the bank securities or settle with the developer in full before the 31st, July.

Our main demand was to return the money. It was based on delay of commissioning the facilities in time as well we demanded a possibility to reassign the offices for another purchaser without levying any money (the developer required $20 thous. for each project for the procedure). Beside, we wanted make him revoke his demand to obtain the bank securities as the construction terms are obscure.

He was negotiated firstly; afterwards the pre-trial listening was held. There is a procedure in Panama when the judge hears the case and helps the parties to compromise. As a result of these measures, the developer’s representatives declared about considering returning the money. For 5-6 days before July, the 31st, to the letter, they stated their readiness to return a half of the money invested by me. I could receive about $85 thous. from the developer after all expenses held back but I rejected. Now I have only one way-out – to prove that the concluded with me contract contravenes the local legislation, annul the agreement on this ground and demand mutual restitution for the parties. The attorneys persuade me that at least 12 articles of the contract violate the law and may be challenged at court.

What do you think should I do?

Originally Posted by Anapolsky

Year 2006

In June, 2006, I concluded several contracts on real estate purchase in Panama. As it turned out later, the contracts contained draconian provisions.

They stated the construction to last for 18-20 months. It was necessary to stand bail of approximately 30% of the lump sum on building stage; the rest of 70% was to be paid in after commissioning. If the purchaser cannot credit a regular payment, the contract is rescinded; however, the previous payments are not reimbursed him for. Five good years have passed but no building is constructed.

These are two office apartments of 156 meters each on the 23rd floor of Revolution Tower Building. Such facilities were priced at 256 thousand Dollars (or 258 thous.). I paid 10% of them; then 5% more and 5% at last. Totally, 20 % were transferred by me.

Year 2007 год

In 2007 I was somehow asked to re-conclude the contract and change the apartments on the 23rd floor for the similar ones but on the 20th floor. Later I was explained that the apartments on the 20th floor should have cost less. But the developer didn’t decrease the deal amount.

Certainly, this is my mistake but I still signed new papers without having read the detail carefully. Twenty per cent of the lump sum had been invested, prices were rising and I didn’t want the transaction to fell apart. There was a small point I had not noticed. The essence is that I should submit the bank certificate confirming my paying capacity or creditworthiness for that purchase in the amount 70% of the facilities’ lump sum before July, the 31st, 2008, a sort of indemnity bond. I was implied to provide such letter from a Panamian bank or a bank cooperating with some Panamian bank.

It’s worth mentioning, the construction did not begin at the moment. The construction site represented a level stretch. What kind of letter they could talk of if there was no building where my apartments were to be located?

Year 2008

Nevertheless, the developer, quidam Saul Faska, apprised that he wanted to meet me personally. However, if I did not go by the end of the year, he would just grab these two apartments from me, and my contribution equal to 20% of the offices cost would be cancelled. I came in November, 2008. There was a huge pit dug out, a five-store parking arranged on its bottom. The developer stated about price increase for me. If in 2006 the cost of one office made $ 258 thous., such apartments were assessed at about $ 400 thous. by 2008. We agreed on some averaged price: I was added $150 thousand, i.e. $75 for each project. The price for each office rose up to $333 thous. for nothing but an undelivered bank bond from me.
All constructors behave the same way in Panama. All contracts are concluded without a seal that is why the investor may be deceived easily.

- I dealt via a broker agency that managed its affairs below the belt, as far as it turned out later. Having used my poor knowledge of English, they misinstructed me. Later it was apparent that they deceives very many people, there was a great scandal. When the mediate died on its feet, I remained with the developer one-on-ones.

As I have said before, he jacked up the price of every contract for $75 thous., and proposed to re-conclude the contracts again. When I translated the new contract, I was stricken with dismay: it was much worse than the previous one. It stated that I had to pay $44 thousand more before the 31st, August, 2009, i.e. $22 thous. for each apartment. Besides, I had to submit the indemnity bond or pay in the remainder of money for the real estate before the 31st, July, 2010. There were other unpleasant articles also, for example, envisaging the developer’s title to add 5% to the cost of the facilities (what was made later) if the construction materials would growing more expensive; and in case of force majeure or other circumstances, the commissioning terms are allowed delaying for 12 months more. It was useless to argue: the developer delivered an ultimatum: I sign that contract or we stop our cooperation, therefore, I lose all the money invested.

As far as it was found later, many contract provisions were inconsistent with the legislation of Panama so he did not have any right to conclude it with us as it was. But I did not know about that at the moment. Having signed the papers, I paid the extra $44 thous., i.e. I contributed 30% of the amount he had added.

Saul Faska has brutally violated the legislation of his country having furnished me the contract in the Spanish language. During negotiations in December, 2008, an interpreter translated me our conversation with the developer but not the content of the contract. As I understood at signing moment, if I had not granted the bank bond by the 31st, July, 2010, I would have lost only last payment, and namely $22 thous. for each project. When I translated the contract after arrival into Kiev, I found that the document had provided for the loss of all the money invested for the real estate.

Year 2010

In summer, 2010 it became obvious that I had no money to pay for the offices the rest. Moreover, I could not obtain the indemnity bond from a Panamian bank as after my trip to Panama in December, 2008, I had cerebral accident. My health status was critical during six months; thereafter I was not ready for long-haul flights for several years.

I applied to lawyers for help but they just wrote some letters and met with the developer. He warned once again that I had to contribute the money for the real estate before the 31st, July, 2010 or deliver an indemnity bond from a bank whereby he said that the building would be committed approximately at the end of December, 2010. It looked incredibly as the construction was far from its final stage.

In spite of the high emolument for legal advisers, ($3 thous. for each project + 15% of the amount they would manage to receive from the developer), I wanted them to institute legal proceedings against Saul Faska. I hoped to suspend the contract in such way so as I would not have to submit the bank securities or settle with the developer in full before the 31st, July.

Our main demand was to return the money. It was based on delay of commissioning the facilities in time as well we demanded a possibility to reassign the offices for another purchaser without levying any money (the developer required $20 thous. for each project for the procedure). Beside, we wanted make him revoke his demand to obtain the bank securities as the construction terms are obscure.

He was negotiated firstly; afterwards the pre-trial listening was held. There is a procedure in Panama when the judge hears the case and helps the parties to compromise. As a result of these measures, the developer’s representatives declared about considering returning the money. For 5-6 days before July, the 31st, to the letter, they stated their readiness to return a half of the money invested by me. I could receive about $85 thous. from the developer after all expenses held back but I rejected. Now I have only one way-out – to prove that the concluded with me contract contravenes the local legislation, annul the agreement on this ground and demand mutual restitution for the parties. The attorneys persuade me that at least 12 articles of the contract violate the law and may be challenged at court.

What do you think should I do?

You should sit down with Saul Fashka and resolve this problem. Saul Fashka is certainly one of the most respectable real estate developers in Panama. I personally have had many dealings with Saul for millions of dollars based on just oral agreements and he has always performed as agreed (or better). Revolution Tower has taken a long time to complete as the building is very complex. I have always found Saul to be open and honest in his dealings. If you signed a contract that required you to provide a promise letter from a bank you should have done it in a timely manner as the contract required. Litigating in Panama is always the last choice for both parties as the process will take four years with an uncertain outcome.

There is not much recourse in the Panama legal system. What I know of it is from what friends have taught me. My friend Sam told me before his death that sequestering bank accounts is a favorite tactic in Panama. If you choose to persue this in the courts it could take a long time and usually ends up with having to bribe a judge. Sam told me he refused to bribe when that was suggested. The other route is to handle it yourself man to man. When saul recovers he will gladly return your funds to keep from having another visit from you.

Now I have only one way-out – to prove that the concluded with me contract contravenes the local legislation, annul the agreement on this ground and demand mutual restitution for the parties. The attorneys persuade me that at least 12 articles of the contract violate the law and may be challenged at court.

Sorry to hear about your saga Anapolsky - it is sadly part of the track record when dealing with potless pre-sales developers (unless they have already ripped for millions) hoping for zillions from properties that are nothing but fantasy until the keys are passed over.

Two pointers, (a) as has been said by fleeted, the legal system can fall short of justice. If you wish to pursue via courts, expect to pay substantial costs en route and wait, possibly five - seven years. (b) The decision on whether to proceed also involves serious background checks on Panamanian lawyers advising you. Lawyers here are generally on the same level as mosquitoes and require constant swatting. A possible criteria in the selection of lawyers is to evaluate what they could stand to lose by fouling up/contaminating the handling of your case - avoid 'one man band' legal practices. Giving legal advice only required a few years in law college - your case is most likely going to last longer than the average lawyer spent in college. That said, there are honorable people in the legal profession in Panama - it's just a matter of knowing them personally for five years before trusting them.

Viewpoint also has a valid proposition in having an exploratory chat with Mr Fashka with a view to questioning what exactly he proposes to do to resolve your scenario. I'm not familiar with your developer (tho familiar with the corkscrew) and can't speak for his reputation, but would elect to base that reputation on his track record in dealing with prospective clients/money rather than local aura. It is obviously desirable that you have a credible attorney involved in any meetings and that these are recorded for the record.

Although you have described the situation in fair detail, it is still hard for a person not personally involved to grasp the nuances of the scenario. For example, victims have usually suffered considerable stress and problems tho this is often rarely mentioned and they usually know a lot more detail etc. Despite that, I can smell your situation and have experienced many wasted and costly years in a vaguely similar scenario. This 'may' be (needs legal advice) a case which still needs to mature to a point that it may have the prospect of becoming criminal due to lack of action by your developer - another angle which may be worth exploring. If the developer wishes to stand up and resolve it now, what is keeping him?

Good luck on this one Anapolsky and hope there can be a mutually satisfactory outcome!

Originally Posted by fleeted

You should sit down with Saul Fashka and resolve this problem. Saul Fashka is certainly one of the most respectable real estate developers in Panama.

You know, I tried to resolve this problem with Saul Fsaka many times and it's no result. Probably, he is not so respectable businessman with foreign investors.

Originally Posted by fleeted

There is not much recourse in the Panama legal system. If you choose to persue this in the courts it could take a long time and usually ends up with having to bribe a judge.

What is your opinion: should I get money they offer and forget about this nightmare?

Originally Posted by Anapolsky

What is your opinion: should I get money they offer and forget about this nightmare?

It is stories like these that show the true grit of places like Panama. Unfortunately you were taken advantage of but you let that happen. So it is partially your fault. There is 100% lack of honesty in places like Panama. That applies to other Latin American countries as well. Panama is a haven of crooks, liars and cheats. They will take your money and run and have no conscience.

I have been ripped off in every way in Panama. Contracts don't matter because they can tie you up in court and pay off the judges. When you open up business here you need to budget for bribes because you will need them. And that can ruin your business if you run out of capital to pay off the gate keepers who demand it. Your competitors will play dirty tricks to kill their competitors and try to block you. Your contractors will lie to you and you are forced to baby sit them to make sure they complete the job correctly. Panama is a very unpleasant place to do business and it brings out the horrible ugliness that most foreigners will never see. Is Panama is good place to retire? Possibly as long as you are unaware of how things really work here. Ignorance is bliss in that case.

To answer your question, yes you should take the money and walk away and consider it tuition. You cannot win a fight with them.

Felicity offers good advice, if you can get any money back it is better than 99.9% of most people who are bilked. The internet is full of complaints of people who were "taken" by so called developers in Panama. People vacation to Panama and after staying at a nice hotel, viisting the canal and a couple of beaches think this represents Panama. You hear time and again good advice from people like Ed, Woohoo, Naked, Poller, Matt, Whypanama, Felicity and many others to LIVE IN PANAMA BEFORE BUYING! Most people are used to real estate purchases being straight forward with reasonable closings. They lack of a justice system in Panama entices con men from around the world who set up shell corporations and bilk the life savings from honest people. Even when projects do get completed like TOC investors rarely get what they were promised and are hit with additional costs at closing and hidden monthly charges that for some take way from any investment potential the property had. Panama also draws the dregs from other countries, people like Wild Bill, Javier Martin and a slew of others fleeing the law. They start up shop once in Panama and expats are their targets because they have the money. "Caveat Emptor" should be they national slogan of Panama!

I have to add my 2 cents here to this conversation. I've a Canadian with 20 years plus global business experience in emerging markets ranging from China/India to Indonesia/Thailand/Vietnam/Costa Rica which has given me plenty of insight into thse types of business shenanigans. During my observations of Panama I can say that there is a proportionally higher % of fraud (or at least it feels like it) because of the small population base. Key factors are:

- Panama is a retirement haven. As such older folks tend to more susceptible to fraudulent schemes. Fraudsters know that and they cater their strategies accordingly to target the relatively unsophisticated.
- Panama is a tax haven that promotes privacy. In such locales it attracts entrepreneurs, many often on the wrong side of the fence.

From my research, lawyers will often encourage you to pursue litigation in order to generate fees. They however know that action against the developer will often end up with the litigant on the short side. Arbitration and 'talking it out' is possibly your best recourse.

Courts in many developing markets are ineffective. You must generate so called "leverage" in order to win disputes. In some places relationships with gangsters helps resolve disputes (such as China), in other places the ability to aggregate enough litigants in order to present a strong front is enough to deter. Developers do not like bad publicity and if you have the ability or resources to generate that, that is also a form of "business leverage". I've been able to settle many business disputes because they know that I'm able to create enough trouble for them that it's not worth it. It's the first step I take before entering any market is to generate leverage even if it means allocating a % of your budget towards it.

Originally Posted by Anapolsky

What is your opinion: should I get money they offer and forget about this nightmare?

Igor Anapolsky-

First of all you must be honest with yourself and the other readers of your posts. You are Russian and you were involved with your Russian friends at Homes Realty in this transaction. You haven't told the complete story about your transaction with Saul Fashka. I have reviewed the files of both of your transactions and your clearly defaulted on both contracts. You signed the first contract in or about September 2006 and on September 9, 2006 you gave a $5,000 check to Revolution Tower Corp to separare the offices. The second payment you made was received by Revolution on or about October 3, 2006 in the amount of $21,832.00 and finally your made a third payment on the first contract February 9, 2007 in the amount of $13,416.00 all totaling $40,248.00 substantially less than the required down payment of 30% as stated in the contract. Revolution made numerous demands for the balance of the downpayment amounts and bank promise letter. You failed to respond in any manner (no phone calls, no emails, no letters and no further payments or bank promise letter). Revolution waited another year until July 30, 2008 and finally after having no contact with you for more than a year they canceled the contract. You defaulted your first contract by failing to comply with the contract requirement and paying the remaining 30% downpayment and failing to provide the promise letter.

You came to Mr. Fashka's office in January 13, 2009 (with your attorney) and pleaded for a second chance to buy the offices stating that you had been sick, ill and/or in jail. Mr. Fashka gave you the second chance signed new contracts giving you full 100% credit for your prior payments of $40,248.00 and asked you to pick a date to make the balance of the payments including providing the bank promise letter. You (not Mr. Fashka) picked that date of July 31, 2009 to put into the contract but you again defaulted on the second agreement by failing to make the required contract down payments and provide the bank promise letter.

I certainly know how business is done in Russia as I have had personal experience in a country where a foreign person doesn't get the first bite of the apple before his head is chopped off but here (in Panama) you were given two full bites of the apple by Mr. Fashka and you defaulted on both contracts. NOW, another (almost) two years have passed since the default of the second contract and you think that you should receive your money back. What kind of bullshit is that. You didn't just get one chance but you got two chances and now you want a third or your money back. LOL !!! You must be joking !!!

You would never prevail in court ever as you are a serial defaulter. I looked at the paperwork in two files completely and you quite simply defaulted on both contracts. What would you expect the promoter to do ? He even gave you a second chance with full credit of your forfeited prior deposit payments. Mr. Fashka acted in good faith but you defaulted each time.

Well, the truth is refreshing! The reality is that the "dregs" of society are everywhere, not just Panama. There are scammers, Ponzi schemers etc. all over the world...we have them in the US and Canada too. I have lived in Central America and Mexico and, in my opinion, it is no different anywhere in Latin America. If you're not smart and aware, you can be screwed anywhere you live.

Originally Posted by marcomac

Well, the truth is refreshing! The reality is that the "dregs" of society are everywhere, not just Panama. There are scammers, Ponzi schemers etc. all over the world...we have them in the US and Canada too. I have lived in Central America and Mexico and, in my opinion, it is no different anywhere in Latin America. If you're not smart and aware, you can be screwed anywhere you live.

Very well said! Thanks to viewpoint and his research it appears Saul was the one who worked in good faith.

Originally Posted by fleeted

Very well said! Thanks to viewpoint and his research it appears Saul was the one who worked in good faith.

Fleeted

The truth is that Igor Anapolsky doesn't have the money (I think ) to complete any purchase but I guarantee you that if Igor Anapolsky comes to Saul's office with the financial resources tomorrow (or anytime reasonable) to pay for two offices in Revolution he can negoiate a new agreement and he will receive full credit for his forfeited deposit of $40,248.00 paid by him to Revolution.

Saul Fashka is in the repeat customer business and not the business of stealing money from anyone. Igor Anapolsky can purchase two offices in Revolution and get full credit for his prior forfeited deposits that were paid to Revolution but no more games (broken promises or defaulted contracts) as he must bring the funds necessary to pay in full for the purchase balance.

Wasn't there a russian scammer, I mean lawyer that I'm sure could help you? What's her name - Juliettte Passser I think.

OK, that's a joke and I doubt either party deserves her.

Originally Posted by Viewpoint

Fleeted

The truth is that Igor Anapolsky doesn't have the money (I think ) to complete any purchase but I guarantee you that if Igor Anapolsky comes to Saul's office with the financial resources tomorrow (or anytime reasonable) to pay for two offices in Revolution he can negoiate a new agreement and he will receive full credit for his forfeited deposit of $40,248.00 paid by him to Revolution.

Saul Fashka is in the repeat customer business and not the business of stealing money from anyone. Igor Anapolsky can purchase two offices in Revolution and get full credit for his prior forfeited deposits that were paid to Revolution but no more games (broken promises or defaulted contracts) as he must bring the funds necessary to pay in full for the purchase balance.

Sounds like the customers eyes were bigger than his stomach. I take you at your word since you personally vouch for saul. You have alway's come across as a straight shooter. Anapolsky a contract works two ways!

Originally Posted by Felicity

It is stories like these that show the true grit of places like Panama. Unfortunately you were taken advantage of but you let that happen. So it is partially your fault. There is 100% lack of honesty in places like Panama. That applies to other Latin American countries as well. Panama is a haven of crooks, liars and cheats. They will take your money and run and have no conscience.....

Sheesh... could not agree more with every part of your post *lol*!!

It is fairly sad that many higher profile con artists are immigrants looking for a 'business opportunity' to scam other immigrants on a daily basis - a habit probably refined in North America or wherever and hard to give up. The sooner a US Marshal Service Learjet offers a courtesy flight back home, the better for everyone!

It is also clear that the internal affairs of businesses in Panama regarding their clients are free for publication on Internet chat boards - the level of professionalism speaks volumes. It is safe to say that if any officer/employee of our corps did that - it would be the last time they had that opportunity.

Also agree on your recommendation to Anaposky - it is not worth the time and cost of legal process over a debate on the legitimacy or otherwise of contracts. This horse has has already bolted on first signing/payment. (All contracts should have been checked out by a credible attorney representing the client - chances are that they would never have been signed in the first instance). The monetary value may be relevant to the client, but the level of investment is not worth the costs/timescale of a court case (damn, can't believe I'm saying this - love a court case!). Better to take the 5 cents left and walk away from the land of broken promises and junk contracts.

Meanwhile, it just a matter of time till the next person enters the forum and posts dialog about how his/her investment in Panama failed... the 'culture' sadly lives on.

Dear users, I will be grateful for any help and assistance in resolving this problem.

Dear Anapolsky, you have already received good and informative answers to your situation. Why don't you accept and act on those already given advice? It seems like you are waiting and longing only for the answers that you would like and hope to hear. And therefore it makes little sense you asked for advice in the first place. Face reality and draw your best possible learning experience for the future from this.

Obviously,that Saul Faska is fraudster. We will seek the assistance of the authorities in Panama, including the Chamber of Commerce. We intend to bring all the victims together and go to court.

Originally Posted by Anapolsky

Obviously,that Saul Faska is fraudster. We will seek the assistance of the authorities in Panama, including the Chamber of Commerce. We intend to bring all the victims together and go to court.

Igor-

First you better learn how to spell his name before you make a trip to court. I doubt very much that the court will even accept a complaint where the plaintiff is a "serial defaulter". You defaulted on both contracts that you had with Revolution by never completing your downpayment(s). After being given repeated chances to cure your defaults and extended time extensions you never made your payments as scheduled (by you) in your contract(s). What do you expect that a promoter would do with a serial defaulter ?

Mr. Fashka has stated he is willing to apply your forfeited deposits to another contract for two offices at the current prices if you complete the purchase by paying in full at the time of the execution of the new (third) contract. Maybe in Russia you might get away with making an unfounded claim that someone is a "fraudster" but here in Panama you will not.

Originally Posted by Viewpoint

Maybe in Russia you might get away with making an unfounded claim that someone is a "fraudster" but here in Panama you will not.

I do not live in Russia. I am from Ukraine. In our country we usually apply for fraudsters to court, to arrest the objects and keep them with a hammer. I intend to do so in Panama.

I have the same problem with this Fashka.

I have a reason to consider Saul Fashka fraud. In 2006 he promised to build Revolution Tower within 18-20 months. However in 2008 nothing was built. Now it's 2011, but the object has not been finished yet! Hundreds of people paid money! It took 5 years, but until now nobody can use their facilities.
This is not the only case. Earlier I paid Saul Fashka $ 200,000 for the premises on the waterfront. He took the money, but put off construction for two years. Then he said that the building will not be constructed and returned this amount. Besides me, he took money to this object from other investors. Millions of dollars! Thus, Saul Fashka gets free credits from investors, but not fulfills his obligations. What is more, it raises prices for unfinished objects unilaterally and without warning. That is what is called unfair business practices!

Saul Fashka considered that in 2007 I broke the agreement and the price was increased for me of $ 75,000 for each object, because I could not give a guarantee of a Panamanian bank. Obviously that bankers have begun to doubt not my reputation and the reputation of Mr. Fashka.

Originally Posted by anapolsky

what is your opinion: Should i get money they offer and forget about this nightmare?

you should definitely stop puttig $$$$ into real estate in panama.

Originally Posted by Remazz

you should definitely stop puttig $$$$ into real estate in panama.

Well maybe not stop but at least go about it a bit smarter. I dont understand why ppl insist on buying unfinished property in countries like this where you're less protected then in the western world, especially not since half the city is filled with finished empty properties.

Originally Posted by janl

Well maybe not stop but at least go about it a bit smarter. I dont understand why ppl insist on buying unfinished property in countries like this where you're less protected then in the western world, especially not since half the city is filled with finished empty properties.

and the answer to that is GREED lots of people love money more than anything else in the world , i personally hate to see mom and pop lose there savings on a pre construction price drop , but i also think it is funny as hell when one guy buys 20 pre condos and the floor drops out of the price , because in my mind he is just greedy and maybe putting the property out of reach for the moms and pops that have just enough . but thats just my take ,

Originally Posted by nakedguydb

and the answer to that is GREED lots of people love money more than anything else in the world , i personally hate to see mom and pop lose there savings on a pre construction price drop , but i also think it is funny as hell when one guy buys 20 pre condos and the floor drops out of the price , because in my mind he is just greedy and maybe putting the property out of reach for the moms and pops that have just enough . but thats just my take ,

Some people are trying to park money and think these preconstruction areas in Panama were good places. well it's parked now for eternity LOL.

and only if they were smart enough to buy silver , and no pre builts , their money would have gone up about 186% by now , lots to offset any price increase , but hey , you play the game , you take the chance .