The Premier Balanced Fund was described as an “experienced investor fund”, restricting it to people capable of understanding the risks, but they needed a lender who could come up with 40 million Euros to invest in their fund.
SLM Funding N¬ļ1 Limited won the tender process: it was selected by the Premier Group (Isle of Man) Ltd. to find those 40 million Euros, an order they carried out efficiently: Aareal Bank was convinced to pool resources, some say Rothschild too…
But there was an added element in the form of bricks and mortar: approximately 100 Spanish properties would be used as collateral to ensure that, if the investments went down, 200-odd British pensioners could be made responsible of footing the bill.
The “experienced investor fund” is now probably worth less than half and the ex- mariners, ex-policemen, house wives and other Spain-based retirees who were instilled with the Fear of God with the Spanish Inheritance Tax -and fell for the scam- have their properties, and lives, bogged down.
Perverse Nicky Flux, loyal till death to SLM, keeps sending her monthly letter out to pensioners…letters coming from a company that would disgrace any¬†Nigerian 419¬†business.