Marbella suffering a financial Black hole of 355 million €

Tribunal de Cuentas, has revealed that Marbella was suffering a financial Black hole of 355 million € at the end of 2006. That amounts to 2,699 € per resident of the town, and the court has found as many as 13 financial and economic irregularities.
A new report from the court notes that a large part of the building agreements with the Town Hall included a clause which conditioned the approval of the building to the approval of the PGOU Urban Plan, and that large amounts of monies were diverted to third parties.