The Malaga Appeal Court has reversed an unjust Court of First Instance ruling and granted relief to two British pensioners victims of the “Spanish Equity Release Package” (SERP), peddled by Nykredit Realkredit A/S “and Sydbank (Schweiz) AG and sold by Offshore Money Managers.
The following is a summary of the ruling, received today:
- Foreign pensioners were lured to Offshore Money Managers Equity Release proposal due to its attractive IHT reduction benefits.
- Nykredit and Sydbank associated themselves to produce the SERP.
- Sydbank was not authorized to operate in Spain, in spite of which they opened -in contravention of mandatory laws- an office in Fuengirola.
- Nykredit had no authorization by the Danish regulator to grant loans in Spain for investment purposes.
- Chrystel Mark Hansen (mentioned twice) and Karen Egaa’s testimonies, on behalf of Nykredit, have been described as being extremely unreliable, when not openly untruthful.
- Nykredit’s forensic expert’s conclusions are challenged extensively for being grossly biased in favour of the lender, besided deliberately ignoring fundamental aspects of contractual arrangements.
- Nykredit’s mortgage loan is rendered null and void and Sydbank (Switzerland) is ordered to pay back 462,000 Euros to the claimants.
The Court findings represents a great disaster for both these banks because their conduct with existing clients is reported as irregular and dishonest, and to that effect imposed the maximum possible penalties in law.
(we will expand shortly)
Congratulations to Antonio Flores and his team at Lawbird Marbella for yet another success story in their fight against these banks. It is now some 10 yearss since Antonio started his crusade against these banks and deserves all the success that he is now achieving. Great News for all those caught up in the Nykredit/Sydbank scam and I hope the victims of this scam can now get on with their lives and have some peace which they justl6 deserve. Hopefully Nykredit/Sydbank will stop this nonsense and settled all their outstanding claims. After all their is no where left for them to hide. Of course there are still many victims out there who have not yet seen their cases come before the courts, however slowly but surely they most certsinl6 will. I have been an avid supporter of erva web site since the beginning and have seen many successes against suc( banks as Nykredit – Sydbank – Landsbanki – Rothschild – SLM and such like. We are now waiting patiently for successes against Nordea Private Bank Luxembourg, another predator bank yet to get its just deserts. Interestingly it has been reported that UBS Bank Switzerland have bought out Nordea Private Bank Luxembourg. I wonder if they are aware of the skulduggery Nordea got up to in Spain and of the inevitable cases tha5 will eventually come before the Spanish Courts. Perhaps now is the time for UBS to instruct Nordea to get THEIR house in order. So Antonio and Lawbird, keep up,the good work as without you many of the expats would be without hope.
The net is finally closing in on the Premier Group (Isle of Man) Limited who, in partnership with SLM, were also up to their neck’s in promoting these illegal schemes.
The equity “released” from elderly victims homes was used to fund Premier’s utterly useless investment “products” which were not designed for “retail sales” but for “experienced and institutional investors only”.
Premier has now gone bust taking £millions with it – and to date nobody appears to know where the money is, but Premier’s proven links with the Panama Papers may eventually supply some explanation.
Do not expect the incompetent Isle of Man, FSC (the so-called “regulator”) to do anything!
Crime does pay in the financial services industry…. unless the perpetrators come up against Antonio Flores and his team who are brave enough to outsmart these criminals.
Great Antonio, justice prevails
Fantastic news,keep the pressure on and don’t let these banks rob us of our homes and money.Congratulations to Antonio Flores and the others who are fighting these so-called financial services.
Congratulations also to the people who have won their cases.Enjoy your lives from now on!