The Andorran investment fund Emin Capital has issued a statement which says that the 165 million euros payment to the Barceló Group for the Hotel Formentor has "all the bank guarantees and the support of Pollensa town hall".
Emin has responded to a report in the newspaper La Vanguardia which described the operation as "suspicious". It was being undertaken by a "phantom investor in the Agbar Tower" (the skyscraper in Barcelona). The fund says that "we are very satisfied with the operation, and the relationship with Barceló and the town hall is excellent". "The Four Seasons project is going to be very important for the entire area and will be respectful of the environment, sustainable and with an economic impact for the island."
"The operation with Barceló is perfect. With regard to those we have been unable to carry out in previous years, this is very simple. Business is like that, and it should not be seen as strange that they weren't completed, as this always happens. The operation for Formentor has been perfectly formulated."
The Barceló Group has given total backing to Emin's assessment. "They have complied with the agreement. Everything has gone ahead with transparency, and it has been registered as it should be - with a notary. We are very content and there is nothing to object to. We are satisfied with how the process has developed, with all deadlines set a year ago having been met."
Emin adds that under the arrangement with Four Seasons, work at the hotel will position it internationally as a "super luxurious hotel that is respectful of the environment". "There is a great deal of interest in its undertaking, both on our part and that of the hotel chain. Everyone is going to win."