SNS Reaal says golf developer in Spain wants 409 mln euros

jueves 10 de enero de 2013 21:56 CET
 

AMSTERDAM Jan 10 (Reuters) - Dutch bancassurer SNS Reaal said on Thursday a property developer in Spain has demanded payment of more than 400 million euros in a dispute over a troubled golf resort project.

SNS Reaal itself is in the final stages of coming up with a restructuring plan for the struggling banking, property and insurance group which some analysts expect will include another round of financial aid from the Dutch state.

Responding to a Dutch television report, SNS Reaal confirmed that it has received a request for 409 million euros ($540 million) - although not a formal claim - from a Dutch businessman, Ronald Ras, related to the Mosa Trajectum golf resort near Murcia in southeast Spain.

A spokesman for SNS Reaal said that despite its requests, it had not received any details or evidence from Ras about his demand for money. In turn, SNS Reaal claims Ras owes it 130 million euros.

SNS Reaal, which received 750 million euros of state aid in 2008 during the height of the financial crisis, is due to announce its restructuring plan next month and has already said it plans to cut 750 jobs.

It issued a profit warning on Nov. 6 and said at the time a solution would probably consist of a combination of measures, including asset sales, set limits on its property credit risks, a share issue and the conversion of state aid into other shares. ($1 = 0.7568 euros) (Reporting by Sara Webb; Editing by Alden Bentley)