Undeterred by the scandal that hit the press in Denmark 1 year ago which meant, among other things, the closing down ofÂ Sydbank SwitzerlandÂ (to presumably prevent further reputational damage), Sydbank Denmark’s lawyers in Spain are still convinced their customer did nothing wrong and so, have offered a meagre 40% of the portfolio losses to their victims/customers, leaving out of the base to calculate compensation mortgage payments, costs, legal fees etc.
Naturally, the offer was promptly rejected.
Let’s remember what this bank did during its very short, yet extremely damaging time in Spain, which those lawyers consider to be “acceptable”:
- Opened an office in Fuengirola without letting the Bank of Spain know.
- Offered British customers a perfectly sound and legal Inheritance tax “avoidance” scheme, in partnership with Nykredit, whereby unencumbered properties would be mortgaged with a loan offered by the latter, the proceeds being dispatched to a Swiss account held by a Belize-based offshore company, all of it devised, arranged and managed by the former.
- Used an unregulated IFA based on the Coast.
At the same time, the lawyers:
- Denied having offered an Equity Release Scheme with Nykredit.
- Denied any relationship with Nykredit, alleging that it was the borrower who contacted both, separately.
- Denied having had a contract with any IFA on the Coast, blaming the customers for “hiring” the IFA.
- Confirmed that if Inheritance Tax was the purpose of the contract, it would have been the customer’s motivation and not the bank’s.
- …Denied that the earth was round
Nordea Bank Luxembourg hasÂ persistently excused itself from any wrongdoing by stating that, although they do not confirm nor deny that abundant Equity Release advertising misrepresents the truth, â€śâ€¦ultimately, it was the choice of the consumer to rely on the representations made, or not, having been previously warned that they should seek independent advice.â€ť
This is like British Airways or P&O Ferries saying that, although they promise that they will carry a British family safely from Spain to England, the ultimate choice of travelling with them lies with the consumer and therefore, if the plane falls out of the sky over San Sebastian or the ferry sinks in the Gulf of Biscay, there is no such thing as compensable lack of air or seaworthiness because you should have brought in your mechanic to look out for faulty turbines or pistons, rusty rivets, low oil levels etc.
Or that if go to McDonalds and the meat tucked into your burger you thought was beef just happens to belong to a rodent, there is clearly no responsibility on their part because â€śultimately it was your decision to attend the fast-food chain, or notâ€ť.
So it is the ever-widening gap between who they really are and who they wished they were that is forcing Nordea Luxembourg to resort to self-deceptive excuses to carry on.
And baffling as it may be, whilst they avidly foreclose on victimsâ€™ properties throughout the Spanish geography with Nordic efficiency after cheating them, Nordea Office Luxembourg is still offering a second to none tax-evasion booklet to British expats.
You are now warned: donâ€™t leave it till the last minute and order your Nordea Luxembourg Inheritance Tax Manual for Spain today!
Allan Graydon, the Chartered Accountant that was not, established fruitful relationships with reputable entitiesto sell Equity Release schemes.
Danske Bank did share offices with Graydon, and they have admitted to this, so no troubles here. Allan Graydon was also partners with Norman Steele who, according to the South African financial regulators, had an arrest warrant out for illegaly conducting financial investments on behalf of customers.
PriceWaterHouseCoopers name was prominently displayed as a collaborating partner, but there are no further news from them.
KPMG’s name is also mentioned but then vehemently deny any involvement in the scheme. Their name is however mentioned on the Danske Bank promotional literature.