ERVA would like to hire Mr. Shannon as their legal representative. He is a master of magic and can actually make you think that what you read is not really what you read, that what you understood is far from it (and of course, entirely the reader’s fault for being a twit) and that, on the whole, the advertising published by his bosses is fundamentally correct in what benefits them but, at Rothschild’s insistence, not to be relied upon on what it is detrimental.
But leaving that aside, is there a reason why Mr. Shannon has not included a mention to the associated spectacular tax savings that Mr. Steve Dewsnip promises time and time again in his articles, and which happens to be fundamentally inaccurate, incorrect, false and illegal?
Documents
Mr. Shannon, Rothschild being just the lender??
Let’s have a look these comments:
“…The Rothschild product also provides the potential for regular income to be drawn from the profits on the investments, as well as as a capital release sum up-front and at the same time diversifying your investment in overseas property into a medium-long term investment portfolio.”
“..Rothschild has the structure, the services and the experience required to offer you the complete private client service and help you manage your money most effectively.”
http://publishing.yudu.com/Freedom/A86uf/2020Magazine2008/resources/32.htm
This a typical letter from the Rothschild in-house legal team, which is to be expected. A letter which is supposed to fill their clients with dread. His letter is so full of holes you could drive a tank through them, so full of b……….t. As the post says, there is no mention of their professed tax benefits, they themselves sought advice from Spanish lawyers and then doctored the report to ensure that their victims were suckered into the plot. Bearing in mind this letter is some 18 months out of date (9Novenber 2011) the Lawbird Legal Team have now discovered numerous documents clearly tying Rothschild to this scheme. If it isn’t equity release, what is it. Does Mr Sannon not realise that if you are offered a loan on your property and are told that you can draw down an amount of money from the loan, you are releasing equity from your home. This is equity release, pure and simple. Does he not also realise that these home loan – stockmarket linked schemes were banned in England in 1991, by the City Watchdog. He must have known this as Rothschild do nbot promote this scheme in the UK, as it was illegal. I think Mr Shannon will probably realise by now that it is the courts of Spain who will rule on this matter and not the Financial Ombudsman. I have a feeling that something nasty is coming the way of Rothschild. I would imagine that the last thing ERVA want is to be represented by a person who is “A stranger to the truth” From what I understand ERVA only surround themselves with lawyers of good faith.
I think Mr. Shannon, if he is still gainfully employed with Rothschild should read their own promotional literature. Mr. Shannon we agree that you have a duty to defend your company. More importantly you have a duty of care to your customers. This I am afraid is certainly lacking in your letter of explanation. I would have thought that if Rothschild is loaning money in an equity release scheme, which is exactly the case, there compliance department should first and formost determine that their client has the means to pay back that mortgage. This means that they, together with Hamiltons and the fund managers must have JOINTLY promoted this scheme in Spain. This is a fact as one has only to look at the evidence put forward on this web site and I am sure that the victims lawyers have far more evidence. They must have been aware that their retired clients only means of paying the interest on the loan by the returns promised on the fund, if not, they are sadly lacking in banking skills on top of that they were promised a return to fund their retirement. Unfortumately Rothschild could not promote this product direct as they were not licenced to sell it in Spain. So theyt went to an agent (HAMILTONS) who were also not lisenced to sell it. Again Rothschild were lackin in due dilligence.
Why does Mr. Shannon and Rothschild try to make it so complicated, when it really is quite simple. Lets examine what we have today and this is only appertaining what I have gleaned off the erva web site. Rothschild with their own advertising claims. Rothschild agree it is their product. One can take capital release from the loan “This is simple equity release” no matter how one wants to dress it up or down in the case of Mr. Shannon. It is a good way of getting your property asset out of Spain and investing the proceeds in a medium term investment portfolio. THEREBY AVOIDING TAX, their words not mine. Wrong Mr. Shannon the Ministry of Tax (Ministerio De Hacienda Y Administraciones Publicas) if he would like the proper title have sent to our lawyers a Binding Consulta. To explain, this is the tax law, not just an opinion. If you read it this became law 29/1987 art.7, long before they sold these products in Spain. Why did he not write to the Tax Office for a ruling. Lawbird did and it took around 2 months to receive the reply and the LAW appertaining to IHT & Wealth Tax. It wasn’t very difficult. In fact Mr. Shannon needs to re-examine the facts and write again with abject appologies. Perhaps he needs to investigate the techniques used by colleagues in selling this scheme/product and especialy the role that the then Rothschild Director Mr. Dewsnip (of their Jersey office)played in this game. It appears to me that Rothschild have got it wrong and not their poor victims.
Some interesting comments from you all. Everyone seems to have a good understanding as to what Rothschild are trying to do. Perhaps the Rothschild crowd are somewhat concerned about the situation, if not, they should be. When one looks at this logically it is quite simple. The truth is this scheme/programme as Rothschild state is not workable, it was never workable and can never work. Simple maths are the key. When most of the victims signed up to these schemes, the interest rate with the banks up lift was between 5% – 6% charged on the loan. As one could take a 25% equity release from the capital, a return on the capital invested would have to be in the order of 8% – 10% on an annual basis. Now put the annual “Wealth Tax” calculation on top of this, any idiot can see this could not work. The rate of interest was variable and could be much higher than this, as has been seen in previous years. How could this possibly have worked if the interest rate went to 10% for example. This is the reason why these products were outlawed in the UK, which Rothschild must have known. Yet it did not stop them from bringing this product to Spain. They really do have big problems and they know it. So don’t be baffled by the contents of this toxic letter from Mr. Shannon (Rothschild in-house lawyer) I am sure he does not believe it himself.