Nykredit’s lawyers maintain that, in respect of the Spanish Equity Release Product offered by their Marbella office in conjunction with Sydbank, the biggest offending bank ever to come to Spain (opened an office yet had not informed the Bank of Spain, or the Central Bank of Denmark, for that matter), both banks offered two separate services. We disagree with the first statement, for obvious reasons, but coincide in that they were 2 services: one consisted on predatory lending and the second, on mis-investing hundreds of thousand of Euros (or stealing them as nobody knows where the money went).
According to them, it was David Driver who duly put them in touch and ever since, they got on famously.
Well, it now appears that Karen Frosig, CEO for Sydbank, is also on the board of directors of Nykredit.
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Well what do you expect from these Danish Banks. They lie through their back teeth, not only to their victims, but to the Spanish and Danish authorities. Is it any wonder I ask myself, especially when Frontline have just reported on the web that J.P Morgan have agreed to pay 13 billion dollars as a civil penalty for selling risky mortgages. Oh! wouldn’t it be wonderful if the Spanish & Danish Authorities took similar action against both Nycredit & Sydbank.
I cannot believe how the Spanish system lets them get a way with it. Unbelievable.
This is very good news that the German Banks have caught on to the situation of tax evasion in their own country as well as Spain, France and UK.
Danske Bank, Jyske Bank, Rothschilds and Barclays have all been offering a similar service to old age pensioners with all the same conditions, retired, property free from mortgages, wishing to avoid or reduce their Inheritance Tax liability for their heirs. What a good idea to reduce the paper value of your property by the amount of the mortgage, have that invested in a tax haven, Luxembourg, the income from the invested amount pays the mortgage, commissions to the managers, pensions to the officers , gives the pensioner a cash lump sum and an income. Too good to be true? Yes it was. In the case of Danske they managed to lose 85% of the sum in seven years. So in Spain since there appears to be around several hundred victims of these scams the tax office (HACIENDA) would stand to lose around 25 millions of euros on tax since the money was in Luxembourg. Furthermore these banks chose clients of a senior age who would probably die before any of their mismanagement was uncovered.
Thanks to Antonio Flores and the Equity Release Victims Association (www.erva.es) we have slowly exposed this philandering by these corrupt banks. Now it’s up to the laws of Spain to bring these officers of these banks to Court to face the music and force them to pay back to the victims the money they stole and find themselves exposed to the public what they really are.
The Prosecutor in Spain has indicated that Danske Bank, who have appealed against their summonses to appear in court, MUST APPEAR AND MUST PAY COURT COSTS.