Archives for May, 2014

SLM Group Gave 40 Million in Spanish Equity Release

(image of Peter Hardy)

It has been revealed that Surrenda Link Mortgage Holding Limited, now SLM Group, gave 40 million Euros in Spanish tax evading mortgage loans.

The firm Blake Morgan assisted Surrenda-link Mortgage Holding Limited, a mortgage originator, in obtaining a €40 million ring-fenced Spanish asset funding facility.

For its part, Pinsent Masons, a London based banking team, advised Via Capital Limited, in its capacity as arranger of a €40 million secured loan facility to finance a pool of ‘cash release’ mortgages originated by Surrenda-link Mortgage Holdings Limited.

SLM then employed local IFAs, such as Hamiltons (pictured), to peddle this toxic waste in the Spanish Costas.

Nothing new under the sun save for the exceptionally high size of the lending.


Rothschild Case: Malaga Court Demands Spanish Address for Summons

Rothschild Wealth Management & Trust

The Mercantile Courts in Malaga have made a request for lawyers -acting for claimants over the misselling of CreditSelect loans as a means to avoid IHT- to provide a Spanish address for notification purposes.

It is the case that NM Rothschild & Sons, commonly known as Rothschild according to Wikipedia, has a website that boasts offices all over the world, including Madrid and Barcelona.

Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.

We must remember that Rothschild has vehemently denied ever providing any type of financial/investment advice. Quite so, the claim has nothing to do with this but with the fact that, in their own words, with the “Rothschild mortgage inheritance taxes would be reduced from a whopping 81,6% to nil”: no more and yet no less.

Rothschild need to be aware that advertising a service or a product is a serious matter because, as you would expect, the public reacts to such offer and acts on it. More so when people rely on Rothschild core principles.

This is exactly what happened with the Credit Select Series 4 Loan: Rothschild, or all companies, offered it as a legal means to avoid crippling Spanish IHT and people bought, because they trusted them.

Now we know different, but so do they…


Mis-selling scandal: Deutsche Bank to Return over 3 million

Deutsche Bank will have to repay over 3 million Euros to 49 customers who invested, through this bank, inLehman Brothers, Landsbanki and Kaupthing toxic financial products.

In spite of an earlier dismissal of the claim by a Court of First Instance, the Madrid Appeal Court considers that the bank failed in its statutory duties towards their clients: diligence, loyalty and clear information on their products.

According to the ruling, Deutsche Bank failed to explain not only the nature and characteristics of high risk products, such as the “preference shares”  but also, the financial and economical risks of the underlying investments.

The deciding Magistrates stressed that the investors were looking for profitability but shied away from capital losses, adding that there profile was not typical of ‘people gambling away in a roulette hard-earned money saved over a long time.’

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