Stamp-ede

15 May 2006 By Fiona Maharg-Bravo

Afinsa and Forum Filatelico, two Spanish stamp dealers, have denied any wrongdoing. But the fraud allegations against them are monumental. A sniff at Afinsa’s 2004 accounts show why it may not be easy for it to honour the E1.7bn of guarantees it has written to stamp investors.

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Afinsa, the main shareholder in U.S. group Escala and one of two stampdealing companies under investigation in Spain for suspected fraud, denied an accusation by Spain's public prosecutor that it was insolvent. In an official complaint filed to the High Court, the prosecutor accused Afinsa of operating a pyramid scheme.

Spanish police have arrested at least nine people and raided the offices of Afinsa and Forum Filatelico, another stampcollection company, as part of a probe into an alleged investment fraud.

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