The ERVA has filed a criminal complaint, with date of 7th of November 2011, against Danske Bank, Nordea Bank, N M Rothschild & Sons, Lex Life & Pension, Landsbanki, Jyske Bank, Finansbanken, Nykredit, Sydbank y Swiss Life, for allegedly conspiring to defraud hundreds of retired people by knowingly, without belief in its truth or reckelessly and carelessly whether it be true of false, attributing specific qualities to a product known as “Equity Release”. These qualities, both proven to be wrong, were that the would a) provide an income and b) allow to lawfully dodge Spanish taxes.
A press release is taking place today, at 17.30, in Marbella, where the press will be made aware of the content of the claim, which is to be posted here shortly.
It’s a Spanish National Scandal. No wonder the British and Nordic expats are worried about investing in Spain who bring millions of Euro into the economy. Interesting that I came by this article from the Scandanavian Companies and Market reported on the 4 November http://www.scancomark.se Title ” As Nordea cuts down and lays off workers, it spends millions buying luxury apartment for the CEO” Nordea to lay off 2,000 employees in its Nordic Market as a result of slow business. It turns out that the bank need to recoup its money as they are buying Christian Clausen (CEO) the most luxurious living standards ever dreamt of. The Swedish Newspaper Svenska Dagbladlet states that Nordea has paid (2.6 milion Euro ) for a flat in Stockholm and will pay a further (1.1 million Euro) for refurbishment. Apparently he is also guaranteed a pension of 11 million Euro, when he retires from his job. This of course brings to mind that if he wants to cut his staff and save money now and in the future he should start with his Staff in Luxembourg and Spain who have dreamt up these (Fraudulent Equity Release Products) which could if our criminal complaints and eventual actions are accepted and proved could cost Nordea countless millions in compensation, lawyers fees and fines. Christian Clausen should also be made aware that if the private criminal complaint is accepted by the Spanish Public Prosecutor against him and his cronies and proved then he could be spending up to 6 years of his time in less luxurious accomodation at the invitation of the the Spanish Government , if this is the case then no doubt they will be laying off a lot more people.