Left-Wing Party Pursues a Lawsuit Against Madrid’s Authorities

26/08/2014 – El Mundo

Yesterday, the Investigating Court nº 18 in Madrid ran a trial based on the lawsuit of the PSOE (Spanish left-wing party) against the City Council of Madrid and the Municipal Housing and Land Company (or EMVS by its acronym in Spanish). The capital authorities are accused of prevarication at the sale of nearly two thousand subsidized apartments to private equity funds.

 The subject to the dispute is the sale of 1.860 ‘public’ dwellings to ‘vulture funds’ at a ‘bargain price‘ (€60.000 per unit) compared to the market value of the properties (€80.000), regional speaksperson of the socialist party, Jaime Lissavetzky (pictured), stated.

Furthermore, according to the complaint, the City Hall of Madrid transferred the houses to Blackstone in spite of many voices objecting to the sale, ‘cold-bloodedly’ as Lissavetzky says, having in disregard the people in economic troubles who rent the homes.

Once the trial ongoing, the proceedings will try to bring answers to who is behind the sale of the subsidized dwellings, what were the circumstances and whether or not the two crimes liable to penalty of prison and fine actually occured.

The left-wing party assures the legal path is the only one in fight against such misappropriation of public funds and acting to the detriment of less-affluent citizens.

 

Original article: El Mundo (by Sara Calvo)

Translation: AURA REE

50