26th May 2010: Luxembourg’s Jhon Mortensen says:
We have always encouraged clients to do wealth planning and save tax if they could, but always in a legal manner. Now we demand that you can convince us that you are paying tax, if you want to open an account here. It is now purely an onshore model.
26th may 2006: Nordea Luxembourg Jhon Mortensen says:
Borrowers may take up a mortgage loan either at the time of purchase of a Spanish property or after having owned the property for some time. While both possibilities exist, the latter case is more aggresive from a tax point of view and therefore, more uncertain.
According to the information the authors had at the time of writing, taking up a mortgage at a later stage was still expected to be accepted by the Spanish authorities in future.
Generally speaking, the risk of receiving unwelcome enquiries from the Spanish taxman should only exist in situations where the owner is a non-resident who takes up a mortgage loan with the aim of trying to minimize his/her net wealth tax liability.
Message to Mr. Mortensen: you just don’t have a clue on taxes, let alone Spanish. Taking up mortgages to make people, and the Tax Office, think that your property is worth less is like drawing cash from your current account and hiding it under your matress. If we know it and Mr. Thor Möger Pedersen knows it too, then you should know it, don´t you think?
Your publicity is fraudulent and encourages tax evasion, but you have chosen to cruelly perpetuate this deceipt on mostly vulnerable British expats who trusted your company, Nordea Bank Luxembourg.
Impeccable timing once again Mr Mortensen. Perhaps these comments were spawned as a result of UBS AG Board of Directors, agreeing to pay $780 million yes 780,000,000 million dollars to the USA & IRS for participating in a conspiracy to defraud by tax evasion in February 2009. Perhaps once this filtered through they thought it best to clean up their act hence the comments made to the press on 26 May 2010. I wonder if this inspired their quote. “Now we demand that you convince us that you are paying tax” NOW IT IS PURELY AN ONSHORE MODEL. Prior to 2010 was it an “OFFSHORE MODEL”. tax evasion model. I would also mention that all their so called fraudulent tax saving equity release schemes were sold from Nordea’s representative office in Marbella, when according to the Bank of Spain and the regulations this was forbidden.These Equity Release Schemes were sold between 2006 and 2007. In 2008 they were withdrawn from the market, well no more were sold in the format that we all know. Now we hear that the advertising and sales promotion brochures setting out misleading statements have also been withdrawn from Spain, no doubt as a result of the recent writ lodged against Nordea in the Mercantile Court.What more proof does one need. They have had a clear out of this particular debilitating product now they should have a clear out of their personnel that convinced this once highly respected bank to launch such products.
Well said Sarah Jane. I would agree entirely with your comments. Mr Jhon Mortensen should take a close look at what his personnel have been up to in Spain. They have created mayhem with pensioners lives. Their seems littlel doubt that Nordea promoted and sold tax evading equity release products in Spain when they were not able to do. Not only is Nordea responsible but we have seen other banks selling the same type of product Danske Bank is just one. Is it not time for Nordea and other banks to do the right thing and adress this situation. I hope so for the sake of the many who have been caught up in this fraudulent product and also for the reputation of the banks involved. I don’t think that this problem is going to go away.
I cannot believe all this I hear about Nordea. They have won numerous awards for their investment expertise!! also,they are the currently holders of the Award “Best bankers in Europe” Probably because their CEO of the Nordea group is also the President of the European Banking Federation one Mr Christ Clausen. It is possible of course that Mr Clausen is not aware of the antices of his personnel in Luxembourg and Spain, if he isn’t then could someone please let him know. Then again perhaps Jhon Mortensen is not aware. No, that is not possible, I remember reading in one of the English National papers that Mr. Mortensen said ” he was sorry that one of their clients was unhappy with the bank” I think he knows different, there are more than he likes to think. He also denied any knowledge of Nordea Bank foreclosure programme in Spain. At the time he was either lying through his back teeth or he hasn’t a clue as to what his personnel are up to behind his back. Mr Mortensen should be told to contact his Spanish lawyer and he will aquaint him with the many foreclosure writs currently in the Spanish courts. He will also be told that one of his clients, sorry victims in Alicante is having his home repossessed in January. This person has suffered terribly over the last few years with cancer resulting in having his rectum removed and now has to wear a colosomy bag for the rest of this life. Congratulations to Mr Clausen, Mr Mortensen and the bandits at Nordea. Have a wonderful Christmas together with your families, unfortunately some of your victims will not be in such a fortunate position. Hope you bonuses arrive in time.
Nordea will never own up to its wrong doings,why should they, they have millions of euro of shareholders funds to play with. The only way forward for all these victims is through the courts or for the Spanish Regulatory Authgorities to show these banks what they are made of. Only this morning it was reported that the Financial Services Authority (FSA) had fined UBS Swiss Bank £29.7 million for failings to allow insider trading, in other words letting their personnel get out of control. Much the same as these Scandinavian Banks operating in Spain from Luxembourg have. Now there is a country getting a bad name for itself if one looks at the Internet. If only the Spanish Authorities would act as the SEC (USA) and the FSA (UK) have done to these rogue banks they could be on their feet in no time. Every time you put the news on some bank has been fined and convicted of mis selling, I don’t believe they have won one yet. We are seeing more and more coming to light as time passes and I am sure there will be many more. Don’t give up the fight guys you will come through in the end.
http://www.abbl.lu/node/53850#.UMHKwSw_P_E.twitter
The link shown is something that Jhon Moretensen should be reading. Perhaps I coulkd precis this for his information in case he does not want to open this link he might find it interesting. This relates to:-
The ABBL (Luxembourg Banking Association) which Nordea Bank SA is a member.
ICMA PRIVATE WEALTH MANAGEMENT CHARTER OF QUALITY.
The three main principles which are of paramount importance to the nature of the business relationships with clients are the foundation of the charter, namely.
# Integrity; in business relationships; of markets,financial products and services;and of staff.
#Transparency; towards clients, and regarding the regulatory environment.
# Professionalism; regarding the privacy of clients legitimate interests and efficiency.
The ABBL via it’s Private Banking first signed up to this in October 2012.
Is it any wonder that Nordea Bank SA a member of the ABBL has NOT signed up to this charter. They cannot possibly do so as they have violated certainly the first two principles.
Perhaps as a result of being issued proceedings in the Mercantile court for mis leading and fraudulent advertising as well as for unfair competition they have been brought to task by their own association the ABBL who have been presented with the file.