Archives for June, 2012

Court in Fuengirola Agrees to Carry Out All Investigation Measures in Danske Bank Criminal Case

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In spite of dismissing the case shortly after it had been submitted, Fuengirola Court of First Instance has now agreed to implement a number of fact-finding requests on behalf of Euan Armstrong, as petitioned by his lawyers, after the initial dismissal was appealed successfully at the Malaga Appeal Court.

According to the decision of the Appeal Court, the dismissal of the criminal case against Danske Bank was found to be contrary to law because it was redacted in a laconic format incompatible with the Constitutional Tribunal doctrine and did not deal with the matters raised.

The Court of First Instance has now agreed to the following requests petitioned by EUAN ARMSTRONG’s Counsel:

  1. Summons ordering the following individuals to appear in Court to give a judicial statement: Mr. Peter Staarup, Mr. John Lundskov Larsen, Mr. Morten Runo Waaben, Mr. Henrik Hjerrild Hansen.
  2. Summons ordering the legal representative of DANSKE BANK INTERNATIONAL S.A. to appear in Court to give a judicial statement, on account of its potential responsibility for payment of damages.
  3. Summons ordering LCV, agent involved in the sale of Equity Release, to appear in Court to give a judicial statement, on account of its potential responsibility for payment of damages.
  4. Order to DANSKE BANK SPAIN and DANSKE BANK INTERNATIONAL to disclose the following:
    • Type of relationship, employment or other, between DANSKE BANK and LCV.
    • If LCV was authorized by DANSKE BANK as a financial advisor, or commercial agent, and if so the type or nature of products sold on behalf of DANSKE BANK.
    • Remunerations during the period of relationship, whether in the form of commissions or benefits in kind, that may have been given by DANSKE BANK to LCV, through the network of offices in Spain.
    • Number of DANSKE BANK CAPITAL ASSURANCE policies or contracts signed in Spain, with reference to the age and profession of the clients of this product.
    • Destination given to the funds given to the DANSKE BANK by EUAN ARMSTRONG, in respect of the product called “Inverse Mortgage”.
  5. Request to the Spanish Insurance Regulator (Direccion General de Seguros y Fondos de Pensiones), with a view to confirm whether a product known as DANSKE BANK CAPITAL ASSURANCE, consisting in an insurance policy sold as a financial product for the elimination or mitigation of Spanish Inheritance Tax, as well as Spanish Wealth Tax, has obtained administrative authorization to be sold to the public or, in any event, whether it is compliant with applicable legislation, specifically advising on its characteristics and if it is currently sold in Spain.
  6. Witness Summons ordering the following to appear in Court to offer testimony:
    • C.D. (Daughter of Mr. Armstrong)
    • K.A. (Daughter of Mr. Armstrong)

 

Jyske Bank’s Officer and Gentleman

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Exceptional advertising article of Nicholas Wright, Head of Business Development at Jyske Bank Gibraltar.

 

 

In it, we can read things like:

 The Jyske Bank is renowned for being the cream of the crop; indeed, it includes people who have worked at highly prestigious institutions such as the Bank for International Settlements in Switzerland

Does that include bad crop such as unregulated (now disappeared) partners OMM, who extensively sold equity release to British pensioners and disabled retirees with –obviously-  limited income, on fraudulent tax evasion proposals and deceitful regular income promises?

Now Nicholas, why don’t you pull rank and pull your spade out to rip apart equity release contracts that your employer sold largely to British people in Spain?

Documents

Farewell To One Of Our Members

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It is with profound regret and sadness that the ERVA has to announce the death of D.T., a member of our association.

D.T. and his wife J.T had taken a complex equity release product through Nykredit and Sydbank, via the company Offshore Investment Brokers (OIB) in the belief that it would help, lawfully, alleviate death duties whilst providing an income stream, to complement their pensions. OIB was not regulated to operate in Spain. Sydbank had never applied for authorization to operate in Spain.

Nykredit was the lender while Sydbank managed proceeds of the loan. Losses on the portfolio had risen to 60% and they faced losing their home, previously unencumbered.

The death of Mr. D.T., according to the doctors, had been caused from a cerebral aneurysm precipitated by high blood pressure, a condition directly related to psychological stress.

The couple were residing in Mijas.

At ERVA we would like to thank D.T. for all his support. Our deepest sympathy goes out to his family. May his memory be eternal.

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