Fernando Ferre Cardo and his Fernando Cardo Ferré Garnacho were arrested Friday 28th May. They have been accused of tax evasion, money laundering and false documentation. Researches are claiming that employers have defrauded the treasury of around 15 to 20 Million Euros and the irregularities have also not declared VAT.
Cardo Ferre owns the leading hotel chain in Ibiza , The Groupo Playa Sol (GPS) which owns 20% of the hotels on the Island.
Do not rule out further arrests in the GPS environment, the leading hotel chain in Ibiza, with 58 establishment around the Island has about 16,000 of the 80,000 beds available to the island.