Tag archives for Nykredit

Claim vs. Nykredit and Sydbank to Proceed Via Marbella Courts

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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.

 

 

 

SYDBANK AND NYKREDIT IN CLOSE COLLABORATION

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Sydbank has always denied having collaborated with Nykredit on distributing a tax evasion product from Switzerland and Marbella, and Nykredit has always said that “they were only the lenders” and had no association whatsoever with Sydbank, other than the happy coincidence that British retirees happily living on the Costa del Sol introduced them to each other.

As compulsive-lying Nykredit henchman Frederik Meding put it, Nykredit Realkredit A/S only provided the mortgage which your clients chose to use for investment.

Or more appropriately, Morten Larsen and Kennet Nissen, from Sydbank in Aabenraa stated, the bank has not been involved in Nykredit A/S mortgaging of your clients’ properties and Nykredit has not been involved in the investment advice provided by the bank to your clients.

Furthermore, Frederik (who shokingly has not yet been sacked for allowing his firm to operate jointly with a clandestine firm, in Spain) added, as if to show his firm grip on all law matters whether EU/Danish/Spanish-you-name-it, that it is important for me to state that Nykredit is not a party to or otherwise involved in the investment service provided to you by Sydbank AG. Hence Nykredit is not in a joint venture or other kind of partnership with Sydbank AG

It is at this point where one wonders whether lying is endemic to bankers or, more particularly, Danish bankers.

The article, currently posted on Sydbanks’ website, states completely the opposite. Who is therefore lying? Sydbank or Sydbank, Nykredit or Nykredit?

Mr. Mogens Asmund, a Dane that seems to tell the truth, states the following:

Sydbank has developed mortgage offer in cooperation with Nykredit.

 

 

In Nykredit we look forward to expanding the cooperation with Sydbank financing solutions to private clients in Germany.

 

Based on experience with the financing of private homes in France and Spain, we can now offer our Nykredit Danish Mortgage to Danish and German Sydbank customers, says deputy director Erik Urskov, from Nykredit.

“No man has a good enough memory to be a successful liar”
― Abraham Lincoln

 

 

 

 

 

 

 

 

 

 

Expert Witness Reports on Equity Release Concluded

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The first 2 reports drawn up by the compay Muntaudit (http://muntaudit.es/) have now been received.

One refers to Nykredit/Sydbank and the second one to Finansbanken/Sparekassen Lolland Equity Release products.

The first point that the independent firm of financial auditors has highlighted is that the product was taken out for the purpose of obtaining a tax advantage and securing an income stream. The report then notes the following:

  • The contract of Equity Release was offered to pensioners as a way to improve their quality of living by providing an additional income stream (in addition to the false tax advantages).
  • The contract does not clearly warn of the risks involved in the transaction -interest rate risk, exchange rate risk, price risk, market risk, operational risk, lack of liquidity risk, early redemption risk (on the side of the bank)-
  • It is considered to be a high-risk complex instrument.
  • The contract does not include the TAE clause (in English, APR or Annual Percentage Rate)
  • The ability of ever producing a result as advertised by the bank and agents, irrespective of the investor profile, is very low.
  • For a low risk investor, the product has an almost 100% probability of producing a negative result from the very moment it is signed.
  • The product is classified as “high-risk” and not suitable for a low risk investor.
  • The client profile, highly conservative retail investor, had specific and concrete requirements and as such, had they known the type of investment they were getting into, these contracts would have not been taken out. 
The reports will be used in the legal claims that are being filed against banks who marketed, offered and mis-sold Equity Release products to a very large contingent of pensioners residing in Spain.

Sydbank’s Offer To Settle Turned Down

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Undeterred by the scandal that hit the press in Denmark 1 year ago which meant, among other things, the closing down of Sydbank Switzerland (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

Farewell To One Of Our Members

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It is with profound regret and sadness that the ERVA has to announce the death of D.T., a member of our association.

D.T. and his wife J.T had taken a complex equity release product through Nykredit and Sydbank, via the company Offshore Investment Brokers (OIB) in the belief that it would help, lawfully, alleviate death duties whilst providing an income stream, to complement their pensions. OIB was not regulated to operate in Spain. Sydbank had never applied for authorization to operate in Spain.

Nykredit was the lender while Sydbank managed proceeds of the loan. Losses on the portfolio had risen to 60% and they faced losing their home, previously unencumbered.

The death of Mr. D.T., according to the doctors, had been caused from a cerebral aneurysm precipitated by high blood pressure, a condition directly related to psychological stress.

The couple were residing in Mijas.

At ERVA we would like to thank D.T. for all his support. Our deepest sympathy goes out to his family. May his memory be eternal.

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