According to Sur Newspaper, two executives of the largest Danish bank, Danske Bank, have been ordered to appear before the Criminal Court 1 in Fuengirola to be deposed in relation to two charges of swindle and misleading publicity, brought by Euan Armstrong, a Briton who was sold an equity release mortgage.
The bank’s employees (Henrik Hjerrild Hansen -above left- and Morten Runo Waaben), currently working from the Luxembourg branch office, are due to appear in Court on the 23rd of January and are to be questioned by the Judge and the claimant’s legal representatives, Lawbird Legal Services.
The Court ruling has also ordered the legal representatives for Danske Bank International S.A. to appear in Court, on the same day, in a capacity of ‘civilly responsible party’, inasmuch as corporations did not have criminal responsibility when the alleged fraud took place.
According to the writ filed by the claimant in 2011, Danske Bank convinced him in 2005 to mortgage his retirement home in Alhaurin El Grande (Málaga) to guarantee a loan that was directly invested in financial speculative investment transactions, in Luxembourg, without the capital ever coming to Spain. The financial product, called “Capital Assurance”, promised interesting tax benefits compliant with Spanish laws in respect to Inheritance and Wealth Taxes by reducing or eliminating the taxable value of the property, once the mortgage was registered against it.
According to Lawbird’s representative, Danske Bank even falsified the content of a tax report on the product prepared by KPMG, one of the largest professional services company, by interpreting its conclusions in an unlawful manner with the purpose of facilitating sales.
The news release points out that KPMG has deemed ‘false’ a statement made by Danske Bank in their promotional marketing whereby the former had approved the tax benefits, as well as a formal request by KPM to Danske Bank to cease the use of their name and the removal of any reference to them having given their blessing to the financial product.
The text makes reference to a recent ruling by the Spanish Tax Office that concluded that the so called Equity Release on Spanish property is not a valid scheme for lawful tax mitigation but tax fraud, and a criminal offence where the defrauded sum exceeds €120,000 per tax year.
An indictment has also been brought against Peter Staarup, former Danske Bank CEO, as head of the Danish company that is believed to have sold in Spain over 100 “Capital Assurance” Equity Release mortgage loans worth tens of millions.
It is good to see that matters relating to equity release products are now coming to a head. I realise that these matters take time, however Euan and the rest of the Danske Bank victims must be pleased with the progress. Now the Christmas and New Year holidays are out of the way, I hope that 2014 will be a good year for all equity release victims. Thanks to Lawbird and Erva, for all your efforts these last few years.
At least matters are moving ahead albeit slowly. Once this gets into the court system at least it is moving along. The only problem as I see it is that there are many ways in which these matters can be slowed down, especially by the lawyers acting for the banks, still it will all come home to roost one day. It certainly will not go away, neither will Lawbird give up its fight on behalf of their clients for justice.
This is an interesting posting and a replica of my experience with Landsbanki Luxembourg and Claes Thede. Good luck to everyone still suffering from the wrong doings of Banks enjoying the haven provided by the Grand Duchy of Luxembourg and well done Antonio Flores in bringing these matters to the Spanish Courts.
will this be the the next BIG BANKS scandal to hit our TV screens and the front page of the newspapers?
I sincerely hope so and the people responsible are exposed for what they really are.
I am looking forward to the 23d of January. Good luck Euan Armstrong.
Tomorrow these two executives of Danske bank have to appear in Court in Fuengirola, Malaga, to face charges of misleading clients to invest their money and put their homes at risk by false information. Thereafter proceeding to mismanage the old age pensioners funds to such an extent that the Danske Bank lost 85% of our money (in my case).
These bankers have been asked to appear before to explain their actions and have not appeared in Court so have now been instructed by the Malaga and Fuengirola judges to appear and face the questioning and AT THEIR COSTS.
We can only hope and pray that this step finally brings an answer to all the heartbreak and pain this bank has caused my family over the last few years.,
Does anybody have an update on the the court appearance of the Danske executives at Fuengirola court on 23rd January?
Yes Brian look at Antonio Flores’s blog belegal.com
Kind regards
robin carter another victim
FYI:
The pictured person on the right IS NOT Morten Runo Waaben but JOHN LUNDSKOV LARSEN who ran the Danske Bank office located at CENTRO IDEA (Mijas/Fuengirola) still in January 2008 bevor disappearing shortly thereafter.