Canary Islands timeshare giant Anfi Del Mar under fresh criminal investigation in 2024

Are there murky dealings behind the scenes at Canary Islands timeshare giant Anfi Del Mar?

‘River of money’: how Anfi became a timeshare powerhouse

The ANFI developments began at Barranco de la Verga in Arguineguín, Gran Canaria, in 1992 and grew into what has been described as the most successful single-site timeshare sales operation in history. At its peak, the sales team was around 200 strong, with the island’s streets filled with hundreds of commission-only touts focused on persuading tourists to attend presentations at the resorts.

Four resorts—Anfi Beach Club (ABC), Club Puerto Anfi (CPA), Club Monte Anfi (CMA) and Gran Anfi (GA)—and a later development a few miles away, Anfi Tauro, were reported to generate in excess of £100 million per year in revenue across the five sites.

ANFI maintained this level of success for more than 20 years, signing up an estimated 36,000 members.

Illegal sales practices (on an industrial scale)

In 1999, the law changed to better protect victims of high pressure timeshare sales. Among other reforms, it became illegal to take any form of payment from a customer during the cooling-off period.

Timeshare is often an emotional sale, and many people would not sign up if given time to reflect. Anfi, like many other timeshare resorts, opted to take the risk of ignoring the new rules rather than jeopardise a highly profitable model.

In 2016, Spanish court claims brought by growing numbers of mis-sold clients finally succeeded when Norwegian customer Tove Grimsbo was awarded €40,000 in compensation.

Since then, a conservative estimate suggests Spanish courts have awarded around £76 million against Anfi, and that figure continues to rise.

ANFI timeshare legal investigation and criminal allegations

ANFI has faced criminal charges before. In 2021, it was accused of ‘asset diversion’ in an alleged attempt to avoid paying creditors. The case is believed to be ongoing.

Fresh reports of an Anfi Del Mar criminal investigation were published by the Canarian Weekly newspaper in January 2024. The article states that major shareholder Manuel Santana Cazorla has been accused of selling 50% of his share in the family conglomerate Grupo Santana Cazorla (GSC) to IFA Touristik, a subsidiary of Lopesan. The deal would mean Lopesan now owns a 75% stake in Anfi, effectively separating Manuel Santana Cazorla from the tens of millions of pounds in liabilities the timeshare business is said to be struggling with.

The lawsuit, brought by several other members of GSC, alleges the transaction was carried out by Manuel Santana Cazorla without consulting other GSC partners and would result in ‘clear harm’ to their interests.

Judge Alberto Puebla is considering indications that a lack of transparency may have constituted a crime, ‘potentially leading to legal consequences for those involved’.

What could this mean for Anfi creditors?

“Whatever the result of these legal proceedings, we don’t expect it to affect the outcome for creditors, such as former members who are owed compensation,” explains Suzanne Stojanovic, spokesperson for Timeshare Advice Centre.

“Even if the ownership of Anfi did change, the new owners would take on the debts too. And the group’s top-class, luxury real estate developments are clear, visible assets.”

If you own a timeshare and feel you were mis-sold, or you no longer feel it offers value for money, get in touch with our team for free, confidential advice on your options.