Premier Group Limited, operating out of the Isle of Man, and SL Mortgage Funding NÂº1 Limited, originating from Chester, have had legal proceedings against them accepted by Courts in Bilbao.
A group of claimants, represented by lawyers acting for ERVA, filed a civil complaint against the aboved named companies for selling tax defrauding schemes, worth a grand total of â‚¬7.5 million, through misrepresentation and deceipt.
The scheme, also known as SITIRS (Spanish Income Transfer and Inheritance Reduction Scheme), was the brainchild of Premier’s Sales Manager for Spain Charles Walton. Unfortunately for his former employers, Walton was busier cheating people than ensuring that his boss complied with the Spanish regulators, a kind of essential job he forgot about completely.
The Isle of Man Financial Supervision Commission, via the likes ofÂ Bobby Keig, Michael Weldon and Hazel Gawne, by repeatedly ignoring letters and emails from consumers cheated by this company, has given their implicit blessing to the now infamous clandestine activities of Premier Group, in Spain.
As for the appointed lenders, SLM, they were party to the scheme and derived an undisclosed profit for teaming up with Premier; they now face having their mortgages rendered null and void.
SLM (1) (1) (link to Court documents)
The Premier Balanced Fund was described as an “experienced investor fund”, restricting it to people capable of understanding the risks, but they needed a lender who could come up with 40 million Euros to invest in their fund.
SLM Funding NÂº1 Limited won the tender process: it was selected by the Premier Group (Isle of Man) Ltd. to find those 40 million Euros, an order they carried out efficiently: Aareal Bank was convinced to pool resources, some say Rothschild too…
But there was an added element in the form of bricks and mortar: approximately 100 Spanish properties would be used as collateral to ensure that, if the investments went down, 200-odd British pensioners could be made responsible of footing the bill.
The “experienced investor fund” is now probably worth less than half and the ex- mariners, ex-policemen, house wives and other Spain-based retirees who were instilled with the Fear of God with the Spanish Inheritance Tax -and fell for the scam- have their properties, and lives, bogged down.
Perverse Nicky Flux, loyal till death to SLM, keeps sending her monthly letter out to pensioners…letters coming from a company that would disgrace anyÂ Nigerian 419Â business.
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