PROCASA -ISSAC MIZRACHI RUSSO

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Category: Business & Finances

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Panama

PROCASA -ISSAC MIZRACHI RUSSO Reviews

lamarsa July 29, 2009
CORRUPTION AND SCAM ON REAL ESTATE
Procasa is a family run construction company by the Mizrachi family. Many foreigners buying real Estate from them have been subject to their corruption and Scam. Do not buy from them with your peril. Completion dates are never respected. By years...and I mean years...they will ask you to pay extra money for raw materials in their construction.Apart from this they will never contact you, communication does not exist, and finally IF and when you come to complete, you get huge bills. They are criminals. The list is endless. the complaints with lawyers in Panama is mounting high. I know of several cases, where the foreign buyers have just lost their deposits (30% of the purchase price) i.e. Pine Hills and destiny. without not even an email or letter. Where many have asked if they can change the apartments due to views that when they bought plus on the sales brochure had views of the sea to find that a huge monstrous block has gone up in front of them.i.e. West Tower. Cases where after so called completion you do not even get your keys and are told that you must pay maintenance bills despsite the fact that the builing i.e. Destiny has major building problems. Cases where on completion despite there so called completion dates if you do not pay the final 70% on time (mortgage) if you apply for one, you will be given notification of various clauses and then told you must pay $30K in order to keep it. cases where the defects in the buildings are so bad that nobody can live in them. drain problems, leaks, etc. All the Real Estate agents tell you that all procasa buildings are like this. Communication does not exist. call them after you have bought to see what is happening and you will never get a response. Procasa have made their money from bleeding the 'foreigner' they are a family of theives and corruption. Beware all who intend to invest or live in Panama, keep away from Procasa. Panama is a beautiful country and delightful people but corruption is rampant, especially in the construction field. Plus communication on a business level is zero. Only the new President will be able to eradicate corruption in Panama. The buyers rights are very limited, the developer in this case Isaac Mizrachi makes his own rules. New rights are coming in to protect the consumer . Take a look at www.hg.org/article.asp?id= Legal action is taking place against this family for justice as they have lost all their life savings. All those who are victims of Procasa should file complaints against them

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