High Court decides for British and Irish investors in Italian dream holiday homes
Hundreds of prospective purchasers of holiday homes in Calabria which were the subject of alleged money laundering between the IRA and the Calabrian Mafia are celebrating success in the finding of the High Court in London that the solicitor who advised them is liable to them for his negligence. Mr Justice Foskett today gave judgment in the long running case brought by British and Irish consumers against Gabriele Giambrone for negligence in the handling of their purchases of holiday properties in Calabria. The Court decided in favour of the investors who lost all of their money.
David Greene, Senior Partner of Edwin Coe LLP said:
“Hundreds of investors were attracted to buying a holiday home in Calabria unaware of the darker side of the organisation lying behind the development. In the event this only became clear on the arrests by the anti-mafia squad in Italy of those involved in the development against allegations that the sale and purchase process was part of a money laundering exercise between former IRA personnel and the Calabrian mafia, the infamous ‘Ndrangheta. The trial of the men arrested is ongoing.
The proceedings in London are the result of multi million pound claims by investors against the Italian lawyer who acted for them in the transactions. It is not suggested that he, Gabriele Giambrone, was part or knew of the criminal activities lying behind the development.”
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