A Court in Estepona has upheld a criminal complaint against Claudia Rolf-Urnieta, former MD of ABN AMRO N.V. Girbraltar, her husband Sergio Urnieta (who acted for the bank) and Emma Perez, from SG Hambros, for fraud.

The case relates to an Equity Release contract offered by unregulated ABN AMRO N.V. Gibraltar to the owners of a quiet rural hotel, based in Almogia.

When the ABN AMRO Gibraltar branch was wound up, its business was transferred to SG Hambros Gibraltar, together with the loan and investment book. However, whilst the latter has admitted to “taking over some loans”, they strongly deny being in charge of the investment portfolio (yet they keep sending regular updates!).

The loan was invested, by orders of Mrs. Claudia Rolf Urnieta, with a company not regulated to operate in Spain.

Additionally, at the behest of Mrs. Rolf-Urnieta, an offshore company would be set up to conceal the identity of the ultimate beneficiaries of the Almogia-based couple.

The above modus operandi was found to be acceptable to ABN AMRO Gibraltar lawyers, one of which was Mrs. Rolf-Urnieta’s husband, Sergio Urnieta.

Emma Perez denies any involvement with past events relating to ABN AMRO but will not disclose the whereabouts of the investment.

Claimants are due to appear on the 8th of June to ratify the criminal complaint.

The case has been widely covered by Spanish press:

Diario Sur 

La Opinion de Malaga

Europa Sur