Established
The controlled public record identifies the EU/ERDF connection for the MYND/GC/836/P06 project.
GOVERNANCE 2019 → SUN PARK 2020 → CONDITIONALITY 2021 → REACTIVATION → RIC/HNT → PUBLIC SUPPORT
The RICPE question is not only how much money moved, but how a project with incomplete title and due diligence crossed every control.
The record must reconstruct who introduced Sun Park, which prerequisites were mandatory, what each decision-maker knew, what was omitted or waived and under whose authority the project advanced.
SUBSTANTIATED ALLEGATION · NOT A JUDICIAL FINDING
Project Sun Rock alleges that the same Sun Park/MYND Yaiza hotel and substantially overlapping economic bases acquired several financial lives: Community, RICPE investor project, RIC/HNT finance, regional incentive, ERDF and current operation. The question is no longer whether several layers existed, but whether they reused the same assets, works, costs, jobs and value without a complete reconciliation.
ERDF / FEDER · evidence → traceability → action
ERDF / EU funds: what is established, what remains open and what to do next
How to use this page. Governance and diligence: follow conflicts, approvals, conditions, waivers and what information reached each decision-maker.
Still to produce
Exact operation and percentage, eligible expenditure, invoices, payment/certification, verifications, audits, corrections and recovery.
Keep separate
RIC tax relief, RICPE investment, Regional Incentives, State aid and FEDER/ERDF are not one funding source.
Minimum production needed to close the ERDF question
- operation identifier and programme/fund
- beneficiary and title/availability record
- eligible-cost schedule and invoices/supporting records
- funding sources and other aid declared
- certifications, payments and verified employment
- verifications, audits, issues, corrections or recoveries
Directive (EU) 2024/1260 · FEDER/ERDF · EPPO/OLAF: Editorial action-routing aid; it does not establish fraud, corruption, duplicate funding, EU-budget loss, a PIF nexus, EPPO/OLAF competence or individual liability.
2019–2021: governance, conflict and knowledge
Pre-existing governance
The official CNMV register places José Acosta Matos on RICPE’s board from 4 November 2019, before the 2020 Sun Park investor communications.
Related-party question
Identify who introduced and sponsored the opportunity, what conflict declaration existed, who received information, who recused and which body approved each phase.
No automatic inference
The governance relationship creates a traceability obligation. It does not by itself prove improper approval, collective knowledge or concerted conduct.
The concrete project description that must be investigated
Who introduced the proposal described as a participating loan to an important Canary Islands business group, up to €2m, to refurbish apartments in Lanzarote for rental operation, within an approximately €11m investment and an opening then estimated for June 2020; what part of that description corresponded to Hotel Sun Park; and what conflict, information, recusal and approval were documented from inception?
The inquiry should not start only from the retrospective “Sun Park” label. It must identify the real asset, promoter, borrower, title, counterparty, valuation, security, timetable and decision-making body behind the description.
20–21 July 2021: internal knowledge and use in the insolvency
54 CAMProperties attributed to CAM.
190 LPBProperties in the debtor perimeter.
18 third-partySeparate property not absorbed by physical proximity.
ConditionalityFuture/conditional CAM title; unsigned LOI.
Incomplete DDFull due diligence not begun.
RICPE’s internal certification of 20 July also recorded the project’s earlier withdrawal. CAM filed it in Insolvency 36/2012 on 21 July 2021.
The complete chain must be produced: who authorised the certification, who authorised its court filing, what claim it supported, what RICPE knew of the external use, what the IA and Court did, and what later document justified moving from future ownership/incomplete DD to a reactivated, financeable project.
The control chain requiring reconstruction
OriginationIntroduction, sponsorship and conflict.
AdmissionPromoter, capacity, title and minimum documents.
DD / valuationLegal, technical, financial, ownership and downside.
ApprovalCommittee, board, recusals and conditions.
MoneyWaivers, drawdown, use, monitoring and correction.
Control-accountability question: if CAM did not satisfy a requirement, who had to detect it, who knew, who could stop the project, who could waive it and what document allowed progression?
Each departure must be classified as a documented authorised waiver, control failure or unresolved evidential gap. A finding of deliberate disregard requires proof of knowledge, duty, capacity to act and conscious inaction.
Valuation and economic sufficiency
Project Sun Rock identifies an approximately €9.77m CAM valuation in the concurso context and an approximately €11–12m investment requirement/proposition. The valuations must be produced rather than replaced by a generic banking rule.
What was valued
Properties, common areas, rights, encumbrances, litigation, and LPB, Matkator and third-party assets.
Which value was used
Current, post-refurbishment, GDV, rent, occupancy, capex and sensitivity.
How it was covered
Equity, participating loan, RIC, subsidy, ERDF, bank finance, guarantees and conditions.
Question: what higher value, completed value, contribution, security or additional support bridged the difference, and was that basis consistent before RICPE, the insolvency, RIC, HNT, the incentive authority and ERDF controls?
Finance and employment: mandatory reconciliation
| Layer | Amount / commitment | Status | Required control |
|---|---|---|---|
| Community November 2018 | Alleged ≈ €4.5m full refurbishment | Specific allegation; complete file pending | Minutes, vote, authority, funder, works, properties and IA/Court knowledge. |
| RICPE/HNT Series F–G | €6,573,703.10 total attributed to controlled audited accounts | Total usable with attribution; split open | Agreements, conditions, drawdowns, banks, invoices and use. |
| GC/836/P06 | €11,469,714 investment; €3,440,914.20 subsidy; 60 jobs | Published award | Eligible expenditure, other aid/finance, payment, employment and cumulation controls. |
| RICPE June 2023 | Alleged ≈ €4.9m / ≈86 jobs | Native source and relationship to total pending | Definition, beneficiary, instrument, costs, persons and periods. |
| Hotel operation | Alleged ≈50 FTE requirement | To be proved | Payroll, Social Security, rosters, outsourcing and hotel/group scope. |
Duplication allegation: compare the same invoices, works, employees, FTEs, payroll, assets and value. If the bases were distinct, the documents should prove the difference. If they overlapped, the overlap and applicable cumulation rule must be quantified.
RICPE and Orion: two branches, not one automatic line
Sun Park/MYND branch: title, DD, control, RICPE/RIC, HNT, regional incentive, ERDF and operation.
Orion branch: RICPE was founder/initial shareholder; the issue document describes RICPE participating finance; AGM manages. No inference that Sun Park money or value financed Orion without specific proof.
For Sun Park, the Orion question is presently limited to FMMM’s trajectory: how he moved from a paid property-administrator role in the Sun Park/Community environment into the later Pamalexsha/AGM/Orion perimeter, who facilitated that move and whether it bears on his duties, information, independence, incentives or conflicts.
No responsibility is attributed to Orion, JDAM, Shaila, Antonio or others by association.
Priority production
Governance
Policies, proposal, committee, board, conflicts, recusals, conditions, waivers and monitoring.
Money
Contracts, drawdowns, banks, invoices, certifications, eligible expenditure and other-aid declarations.
Assets and employment
Property-by-property map, valuations, works, current use, employees/FTE, payroll and commitments.