José María Etxániz, a Basque businessman, has negative memories of his time at Privilege, the largest discotheque in the world.
He was forced to sell his shares for a mere 20 million euros, while Pachá was sold for over 250 million euros. He was also ordered to pay his ex-partner, Abel Matutes, 4.5 million euros for economic harm caused. Etxániz blames unfair competition and the allowance of beach parties by Ibiza politicians for the downfall of Privilege. He accuses Matutes of setting up competing businesses that undermined Privilege’s interests.
Etxániz claims to have lost around ten million euros and used half of the money from the sale to cover legal expenses.
For the full article, please visit Diario de Ibiza website here.