Archives for September, 2013

Nordea Bank S.A. in Switzerland Tries to Hide Crucial Info

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Nordea Bank S.A. in Switzerland is in the process of downsizing in the way Sydbank did, we believe. We may recall that this other bank, after cheating the tax offices of several European countries out of millions, was forced to close down (an acclaimed Julie Toft, from the Jyllands Posten, was responsible for the mess Sydbank got involved in).

Now Nordea, keen to cover their tracks, have been erasing very incriminating web-based information so that lawyers acting for Spanish-based Equity Release victims could not prove certain questions of fact, principally related to Inheritance Tax evasion.

 

These are the links they have erased (in the last few weeks):

Erased link number 1

Erased link number 2

Erased link number 3

 

Watch this information whilst it lasts in Google cache!

(Naughty Nordea, you did not really have to stoop so low…)

 

 

Nasty Nordea Bank S.A. Desperate to Shirk Responsibility

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Nordea Bank S.A. lawyers use the tactics that you would expect to find in what is called a Rambo lawyer. They will try to distract the Courts with various underhanded moves and confuse them, attempting to win at any cost even if it is at the expense of the credibility of their own client.

Let us explain further: Nordea Bank S.A. Luxembourg operates in Spain via its Marbella office, run by podgy¬†Jesper Hertz. Some of the contracts that Nordea Bank S.A. signed with their very unfortunate clients were done so by the Luxembourg based Nordea, which is an S.A. (kind of plc), whereas others were by the company¬†Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich, which their Swiss branch.

According to Nordea’s¬†clever lawyers, the Swiss branch is a separate company altogether and is to be sued separately, as it has no connection with the Luxembourg parent company from where it has taken its name (we are sure of that, yeah, it was actually us who put them in touch with each other and that is why they now get on famously).

Well, some points to consider here when dealing with those Rambo lawyers’ antics:

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich is not authorized to operate in Spain, according to the Bank of Spain. So if it is not legally authorized, how come they offer banking products here?

–¬†Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich uses Jesper Hertz to sign all of its contracts, as does its parent company. That surely must be a coincidence!

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich responds to clients’ letters through their Luxembourg office…strange?

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich responds to clients’ angry letters with letterheaded paper from their Luxembourg parent company…they must have run out of corporate stationery.

– Nordea Bank S.A. Luxembourg, Zweigniederlassung Z√ľrich uses the same lawyers as the parent company, and also deals with clients through the Marbella branch, and also shares the website of the parent company in Luxembourg, and perhaps, after all, they are the one and only company…

But realistically, who is surprised by a banking conglomerate that invites people, with properties in Spain, through their prolific advertising offered from their Spanish branch office, to defraud the Spanish Tax Office?

 

 

Danske Bank Managed to Sell Equity Release Throughout Spain

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We can today say that Danske Bank Luxembourg, operating from their offices in Centro Comercial Idea, Carretera Fuengirola Mijas, was definitely successful in spreading the story that taking out a mortgage on your home to avoid Spanish taxes was the best thing since sliced bread.

A great deal of the business carried out by Danske Bank in Spain was Equity Release though straight loans to purchase property were also signed.

However, judging by how many equity release contracts we have knowledge of, in so many different places in Spain, we can say Danske’s scaremongers managed to make their lie, no matter how outrageous, a truthful story by repeating it often enough.

 

 

 

Strategic Asset Allocation: Nordea in Spain Trying to Wash Its Face

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Spanish online journal El Confidencial has today published an article on Nordea Strategic Asset Allocation, under the following heading:

PRESERVATION OF CAPITAL AND SUSTAINABLE RETURNS, WITH NORDEA

Sadly, little does the author know about the real predatory nature of this product, the careless and incompetent people that run it and the devious lawyers that protect it. Not to mention that, once you have been ripped-off, you will be told that Spanish regulators have no jurisdiction over Nordea activities in the country.

At ERVA, we think it is time to rename this product and have proposed the following:

  • Sourcing Assets Abroad
  • Stealing Abodes Abroad
  • Strategic Abode Allocation
  • Strategic Apartment Appropriation

Let us have your comments!

Landsbanki Wins Spanish Court Case: A Useful Defeat

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It has been discovered, with some distress we may add, that the much flaunted Court victory of a Landsbanki victim in 2011 had more to it than met the eye for, whilst the victim won a ruling in the First Instance declaring the mortgage loan and the investment contract void, the ruling was subsequently revoked entirely, on appeal, by the M√°laga Appeal Court (ruling dated 18th February 2013).

In principle, not good news for pessimists but being practical, one can extract in interesting conclusions on how should a new claim be filed, what laws be invoked, the extreme importance of supporting evidence or even, the situation with Landsbanki’s bankruptcy. Below is a very sketchy summary of the case (a more comprehensive resume will follow):

 

– ¬† ¬† ¬† ¬† ¬†OMM was sued together with Landsbanki, but Lef Life was left out (even if their contract was attacked by the claimant’s legal representation).¬†

–¬†¬†¬†¬†¬†¬†¬†¬†¬† The claim was based heavily on mis-selling within a financial investment contract, as opposed to an Equity Release contract or even a mortgage loan but then, the party to the financial product -a Unit Linked Life Insurance Policy- was not sued jointly.¬†

Р         Mentions were made to IHT benefits but apparently so, no evidence that this constituted fraud or, at the very least, not proven. The Court of Appeal in fact admits that the substance or essence of the contract is actually Tax Mitigation, and that there is no error there (!!!). More so, the Appeal Court does even go to name product, Spanish Inheritance Tax Reduction Arrangement (SITRA).

–¬†¬†¬†¬†¬†¬†¬†¬†¬† The claim confused the mortgage loan contract with the investment portfolio contract, and it was not proven they were one single overall agreement with several contracts in it: the Malaga Appeal Court outlined this.

–¬†¬†¬†¬†¬†¬†¬†¬†¬† The claim invoked the 47/2007 Securities Markets Act when it was not applicable at the time of the claimants signing their ER contract.

–¬†¬†¬†¬†¬†¬†¬†¬†¬† The Appeal Court noted that there was a general lack of evidence in support of the claim, in particular to do with failing to prove that either defendant guaranteed the improbable fact that the investment yield would suffice to cover the mortgage repayments as well as,¬†

On a side note, we must add that OMM came out victorious for 2 reasons: a) they were deemed as business introducers, nothing more and b) even if they were selling financial products, the Court found that life insurance unit-linked contracts were within their remit, considering they did have an insurance brokerage license.

The upside is that the Court of First Instance did find both defendants guilty of mis-selling which should make Landsbanki wonder what would happen if, for instance, a new claim was filed against them addressing all the above shortcomings/incorrections, as they were highlighted by the Appeal Court, in particular the position of the Spanish Tax Office.

In our opinion, the case should be revisited and the Court of Appeal shown that they have just endorsed, unknowingly, a tax evasion product…

 

Following an ERVA posting, Jyske Bank Gibraltar is Slammed By Spanish Press

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The most influential Spanish online news site, El Confidencial has written a damning article about the dubious practices of Jyske Bank Gibraltar, in Spain.

The piece, clearly inspired -and acknowledged twice- by a post published on ERVA, questions the activities of Jyske Bank Gibraltar in Spain and reminds that the bank was recently fined 1,7 million Euros for refusing to disclose sensitive information demanded by Spanish authorities pursuant to  anti-money laundering legislation.

The article considers Jyske Bank¬†to be ‚Äúsuspicious‚ÄĚ of acting in breach of Spanish tax and anti-money laundering provisions, just what Switzerland was accused of doing for years, but on a worldwide basis (only to finally budge under very serious pressure from the U.S.).

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