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OLD MUTUAL INTERNATIONAL (ISLE OF MAN) LOSES JURISDICTION BATTLE

The Isle of ManA very worried Old Mutual International Isle of Man has lost its bid to have the Spanish Courts deny jurisdiction to judge the illegality of the “Executive Investment Bond”, as reported by the El Confidencial online newspaper., despite an anti-suit injunction issued against the claimants in Spain, their lawyers and any other person that was made aware of the injunction to coerce them into dropping the case in the Mediterranean country.

A great post on this breakthrough event can be read on Angie Brooks’ latest blog post.

Below is an online translation of the article, as published yesterday.

The tiny Isle of Man challenges Spain: jail for suing its firms in Marbella

A judge threatens to imprison an expatriate couple who have filed a Court case on the Costa del Sol to recover a failed investment. The threat can be extended to lawyers and court staff. 

Photo: The Isle of Man, photographed from the satellite by Google Maps.

RAFAEL MÉNDEZ

TAGSMARBELLA

READING TIME5 ‘

23.04.2018 – 05:00 H.

The Isle of Man is a small ‘offshore’ territory between Ireland and England. It does not belong to the EU, but to the United Kingdom, which provides defense and foreign policy. Despite having only 75,000 inhabitants, it has shown pride. At least one of its judges, who has threatened a group of British retirees who sue in Marbella against one of their companies, Old Mutual Isle of Man, which they accuse of tricking them with a complex financial product – another one – sold to retirees Britons on the Costa del Sol. According to the judge, if they go ahead in Spain, they face imprisonment or seizure of their property in the United Kingdom, and so do their lawyers and even the court staff.

The Costa del Sol is the paradise for British scams. Tens of thousands of expatriates live in its bubble, without knowing the Spanish language or laws, and often trust compatriots and their financial products. Some have suffered the rigor of the Spanish pickax, others hired reverse mortgages with Rothschild who have ended up in court and others left their savings in the hands of Naughty Nigel, a rogue poker player who said investing in an eye bag with an eagle eye .. There are countless examples.

The Costa del Sol is the paradise for British scams. Tens of thousands of expatriates live in its bubble, without knowing the language or the laws

Others invested in Old Mutual Isle of Man, an insurance company that sold them a complex financial product from Man, an offshore territory with thousands of companies. When the investment went bad, they resorted to the Spanish courts, which have condemned banks and financial companies to return the money as soon as it was proven that the client’s level was that of an average investor.

So did an expatriate couple, journalist and physiotherapist, based in Marbella. On July 31 last, they filed a lawsuit claiming the nullity of life insurance with Old Mutual in a court in Marbella. His lawyer, Juan Martínez Soler, Lawbird office in Marbella, argued that the Isle of Man is not EU territory and although the contract stipulated that the differences would be resolved there, that clause is null, as many abusive in these contracts.

In the lawsuit they argued that Old Mutual was never authorized in Spain to operate as an insurance agent despite offering them from an office in Marbella through mediators such as AFS Europe Alliance. According to the document, “the information available to the public regarding the authorizations to operate in Spain is objectively false.” ASF Europe Alliance, which traded them, is registered as an advertising company, but neither the CNMV nor the general insurance directorate had evidence of them, as the plaintiffs put it.

They had contracted in 2011 a policy called ‘executive investment bond’, a life policy in which, when the insured dies, the beneficiaries of the insurance receive the investment plus 1%. In total, he invested 688,000 pounds sterling (about 780,000 euros), from which he withdrew 490,000 pounds, for which he claims the 198,000 pounds (207,000 euros) that he lacks. In the lawsuit, the investors maintain that they do not come to appreciate how Old Mutual moved money – that would be “how to try to establish the malpractice of a false surgeon” – but that it did not have any permission to operate in Spain. They claim that the contract was abusive, by imposing a judge on the Isle of Man and not in Marbella to settle the disputes.

In addition, the insurance law establishes that “contracts made by unregistered entities, such as Old Mutual in Spain, will be null and void”. The Marbella court admitted the claim and the slow pilgrimage of these things began. Until then, it would be another case of British claiming on the Costa del Sol money lost in strange offshore investments (there are Danish banks and companies based in Gibraltar in similar lawsuits).

The insurance law establishes that “contracts made by unregistered entities will be null and void”

But last January the script took an unexpected turn. Old Mutual filed its own brief in a court of the Isle of Man to stop the legal proceedings in Spain. And they gave them the reason. On January 31, the high court of the IBut last January the script took an unexpected turn. Old Mutual filed its own brief in a court of the Isle of Man to stop the legal proceedings in Spain. And they gave them the reason. On January 31, the high court of the Isle of Man issued a criminal warning advising the marriage that, if they followed their suit in Spain, they could be convicted “for contempt, being imprisoned, fined or having their property seized.”

Not only that, but the judge warned that the same could happen to “any other person knowing this order helps” the plaintiffs. Ultimately, this also applies to Spanish Justice personnel. “It’s absurd, the Isle of Man threatening the Spanish court with criminal actions, it’s never seen”; reasons Antonio Flores, director of Lawbird. The Marbella court is now analyzing the jurisdiction over the case.

A spokesman for Old Mutual said via e-mail that they are not trying to dissuade anyone from the lawsuit, but that it should be done on the Isle of Man: “Old Mutual International is not trying to prevent the lawsuits from continuing.” The lawsuit only affects where the lawsuit should look , and the high court of the Isle of Man has ordered it to be on the Isle of Man. Any subsequent risk arises from the continued refusal to comply with a Supreme Court order.This rejection is regrettable, but has nothing to do with Old Mutual International “

Image result for old mutual international isle of man

SLM Loses Again: Appeal Court reverses Court of 1st Instance Ruling

Image result for surrenda link mortgages

The Appeal Court in Malaga has ordered the cancellation of a mortgage loan that was granted in favour of Surrenda Link Mortgages (SLM) on grounds that this company offered loans for investments but also, were linked to the management of the those investments when they were not licensed to do so, in Spain.  The ruling reverses a previous ruling by a Court in Marbella that ruled that SLM was not at fault.

SLM acumulates several adverse rulings, in spite of which they keep insisting that their Turnk Key Mortgage is and was lawful.

The claimant was represented in Court by Salvador Martinez Echeverria.

Bilbao Appeal Court to deliver a decision on 17/6/2017

Iberdrola y ACS se enfrentarán a partir del 18 de enero en un juicio en Bilbao

A decision by the The Appeal Court in Bilbao in respect to the nullity and voidness of the SLM mortgages has been announced for the 17th of June 2017, a record time by regular Court standards. For this reason, the Court of First Instance has  halted enforcement proceedings given the closeness of this date.

The date of the ruling rarely coincide with it being made public, and it can take weeks for lawyers to be formally notified.

This will announce the verdict as soon as it is received.

DANSKE BANK’S Equity Release Cava & Canapé Events

DanskeBankCavaCanapé

Danske Bank’s Champagne + canapé seminars did not spare any expenses when trying to capture unsuspecting owners for their Luxembourg-based “Total Wealth Planning” Equity Release scam.

Nor were they short of willing staff to confirm that their product was the best thing since sliced bread, against payment of a generous fee.

The following individuals attended  sales events in different times:

  • Gustavo García
  • Anne Leighton
  • Agnete Dale
  • Oyving Bjornsen
  • Ole Stenersen

Criminal Indictments Brought Against Landsbanki Former Employees

The High Court in Paris has formally indicted a number of former employees of the almost-defunct Landsbanki for offences set forth and punishable by Articles 313-1, 313-3, 313-7 and 318-8 of the French Criminal Code. The individuals are the following:

The French Court considers that these individuals may be liable, prima facie, for “fraud, breach of trust by an individual engaged or providing assistance on a regular or ancillary basis in transactions involving the property of third parties for which it recovered funds or securities”.

For more information on this fantastic breakthrough please visit the following:

http://landsbankivictims.co.uk

https://www.facebook.com/pages/Group-of-Victims-of-Landsbanki-Luxembourg-Govollux/605068499505134

93-Year Old to Bring Criminal Action Against Nordea Bank S.A.

No, we are not mistaken with the age of the soon-to-be claimant. She is very much 93 years old but  insists, quite rightly, that she still has a sharp mind; sharp enough to take on Nordea Bank S.A. for having encouraged her to buy the infamous CPM (Capital Managed Plan) Scheme.

The lady in question lives in Marbella and is of German nationality.

ERVA will soon report on case progress.

 

 

Lunch with Stephen Dewsnip, former “Rothschild” Director

The statement below was made by a RV (Rothschild Victim). Names  have been ommited to preserve confidentiality.

This statement fully validates Mr. Nott’s honest and truthful affidavit, and exposes the lies of the “Rothschild” brand.

Mr. Dewsnip, let your conscience be your guide and sever ties with your former utterly dishonest employers. You were economical with the truth on stand once, don’t dig a deeper hole for yourself.

Mr. Donald Nott of Henry Woods, a company trading as financial advisors previously known to us, telephoned to say that he was arranging a seminar in the Javea, Parador hotel and that a Mr. Stephen Dewsnip, a senior director of Rothschild Bank, would be giving a talk on a Rothschild financial product known as the “Rothschild Credit Select Series 4 Equity Release Plan”.

Due to a previous commitment we were unable to attend the seminar and instead asked Mr. Nott to come to lunch at our house, an occasion which would provide him with an opportunity to explain the “Rothschild Credit Select Series 4 Equity Release Plan” in greater detail.

Mr. Nott agreed to this arrangement and then asked if he could bring Mr. Dewsnip, the Rothschild Bank director, with him.  We agreed to this and felt quite honoured to have a director from a prestigious bank in our home.   Both men arrived at 12.30pm and we enjoyed some convivial, pre-lunch drinks together.

The smartly dressed Mr. Dewsnip appeared to be on extremely good terms with Mr. Nott.

Both were very courteous and once lunch started Mr. Dewsnip began to explain the Rothschild Credit Select Series 4 Equity Release Plan.   Mr. Dewsnip advised us that, in view of our well-defined financial circumstances, the Rothschild scheme would be an ideal “investment” as it would release equity locked-up in our home, provide another source of income and reduce inheritance tax.  The entire scheme, he assured us, was underwritten by a Rothschild Bank loan that would be guaranteed for 10 years.

Mr. Dewsnip was aware that my husband John John, a retired Army officer, had a small pension and Mr. Dewsnip also fully understood that the only accessible capital we had was tied up in our home.  He advised both my husband and I that Rothschild Credit Select Series 4 Plan would be financially beneficial to us as the equity released in our home would provide us with an initial lump sum of up to 5% of the value of the house, and the “income” following on from investing the remaining money in a “financial product” would provide an annual net income of up to 3%.

Mr. Dewsnip wholeheartedly assured us that the Rothschild Credit Select Series 4 Equity Release Plan was guaranteed by Rothschild Bank and was particularly appropriate for elderly people not wishing to move house again.  And that Rothschild Bank would not involve anyone, particularly pensioners, in a hazardous financial product that would expose them to unexpected risks.

We are inherently adverse to taking financial risks of any kind but the assurances we received from Mr. Dewsnip, director of Rothschild Bank who was actually sitting in our house and eating our food, was sufficient to convince us that the Rothschild Credit Select Series 4 plan was a safe and appropriate plan consistent to our financial circumstances.  And it was the advice received from Mr. Dewsnip, a director of Rothschild Bank, that finally persuaded us to enrol in the Rothschild Credit Select Series 4 Equity Release Plan.

At no time during our lengthy conversation with Mr. Dewsnip did he draw any distinction between the names “NM Rothschild & Sons” and “Rothschild Bank International”.

 At all times Mr. Dewsnip referred to his employees as “Rothschild Bank” and if there is a legal distinction between the two entities then Mr. Dewsnip failed in his fiduciary duty to disclose this information and in doing so misled us into entering into a contract.

Claim vs. Nykredit and Sydbank to Proceed Via Marbella Courts

Legal proceedings against Nykredit Realkredit A/S and defunct Sydbank (Schweiz) AG, the cowboys that nearly brought the Danish parent company down, are now underway with the Marbella Courts. The claimants are two British citizens ripped off by employees of both companies, one of which, Sydbank, operated out what is now a Fuengirola shoe shop.

This bank was never cleared by the Bank of Spain to conduct investment business, in spite of which they opened a branch office in the Costa del Sol town. The reason is that they never bothered to apply for a license. 

Lawyers acting for claimants will be requesting that Christel Hansen gives a witness statement, under oath, in respect of her involvement in selling bogus financial products.

Cristel, in the years of the Equity Release, would be used by Nykredit as a “pretty face” to lure unwary property owners into the trap. She used to visit clients in their own homes, together with Sydbank staff, and there are photos of her that corroborate this.

It remains to be seen whether she will choose to risk her freedom by lying in Court or, rather more appropriately, be honest and upfront about the misdeeds of her current employer.

 

 

 

Contracts Used to Evade Taxes Declared Void

Several Spanish Courts are already ahead of the game on using contractual artifices to evade taxes, pretty much what the Equity Release was all about. The chief difference between both setups is that whilst the ones already set aside were mutually agreed on the understanding that it was illegal to do so, on the Equity Release banks lied as to the legality of the matter and misrepresented the truth.

As Nordea put it

We offered you advice which we thought was correct at the time of publication. It was however your prerrogative to go elsewhere to obtain correct advice…(!)

In contrast to Nordea’s clever plan, Madrid-based National Audience said the following about contracts used to avoid Capital Gains Tax:

It is reasonable to presume that the profuse and complex series of contracts carried out by the parties answered to a fiscal strategy and, in reality, had no other purpose than to evade taxes…In summary, the object of each of the contracts agreed to was unconnected from the real economical nature that they are intended for, and were rather used seek tax avoidance, once the contracts were succesfully implemented, on the gains derived from the main agreement.

The Superior Court in Navarra established that:

No juridical contract can enjoy this status if it is intended to attain a tax advantage, because no tax advantage can be transferred between the parties, and thus such contract produces no effect in respect of third parties…what has been confirmed is a surreptitious avoidance of taxes which none of that parties were entited, directly or indirectly, to legally avoid.

And more recently, on the 2nd of February 2012, th Supreme Court in Madrid endorsed all prior judicial opinion on the matter by ratifying that:

We must conclude  by asserting the illicit nature of the object of the contract insofar as the aim pursued by the parties was an illegal and immoral business common to both…exemption and tax advatange…without any of the parties being entitled to it.

If the contracts are not valid, there is no question of them being set aside and damages being awarded…for they never existed.

How Top Law Firm Changed Report to Suit Equity Release Banks

A while ago we wrote about an opinion by top firm Uría & Menéndez, who had regarded that the Equity Release scheme could be a “sham” in the eyes of the Tax Office.

Surprisingly, that same firm must have received a phone call from one of the banks -we believe it to be Rothschild- demanding that the paragraph that insinuated that the scheme could be deemed a fraud was taken out.

Et voilá, no sooner had it been requested by the keen bank than it was removed by the firm, who then issued a new report, the one we see attached.

Too see the changes, compare it to the unmanipulated report (paragraph 6).

ERVA will formally write to Uría & Menendez in the new year to confirm ths very worrying information.

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