When we say that ERVA has first-hand evidence on how Danske Bank International S.A. -based in Luxembourg- sold their diabolical Capital Assurance Equity Relase we are not referring to the fraudulent promotional literature, even if such documentation openly admits to offering a tax evasion product.
Actually, first-hand information means rather from the horses mouth, or more appropriately from Mr. Glente’s mouth, who openly confirms in a telephone recording how the product was sold.
In the conversation, Mr. Glente confirms the following:
- The product was âfor sureâ loss making at low risk but that the inheritance tax benefits outweighed such losses (16â).
- Many of clients were not aware that the product was going to run at a loss, that it was in negative equity, âwhich it actually wasâ in his words, without taking risks (19′).
- The product is currently the best âtax avoidanceâ product in Spain, and that it has been confirmed by several top firms, PWC included (33â)
- Danske Bank International S.A. sold the product in Spain to optimize the situation for Inheritance Tax, and that was the only real benefit.
The couple settled out of Court at a loss of circa â¬400,000, not before an apology was extracted from them.
(the last 2 minutes of conversation relate to a recording between the owner of the tape and Danske’s lawyer in Fuengirola).