When we say that ERVA has first-hand evidence on how Danske Bank International S.A. -based in Luxembourg- sold their diabolical Capital Assurance Equity Relase we are not referring to the fraudulent promotional literature, even if such documentation openly admits to offering a tax evasion product.
Actually, first-hand information means rather from the horses mouth, or more appropriately from Mr. Glente’s mouth, who openly confirms in a telephone recording how the product was sold.
In the conversation, Mr. Glente confirms the following:
- The product was ‘for sure’ loss making at low risk but that the inheritance tax benefits outweighed such losses (16’).
- Many of clients were not aware that the product was going to run at a loss, that it was in negative equity, “which it actually was” in his words, without taking risks (19′).
- The product is currently the best ‘tax avoidance’ product in Spain, and that it has been confirmed by several top firms, PWC included (33’)
- Danske Bank International S.A. sold the product in Spain to optimize the situation for Inheritance Tax, and that was the only real benefit.
The couple settled out of Court at a loss of circa €400,000, not before an apology was extracted from them.
Listen to this revealing conversation here, after obtaining clearance from a law firm.
(the last 2 minutes of conversation relate to a recording between the owner of the tape and Danske’s lawyer in Fuengirola).
ERVA would like to hire Mr. Shannon as their legal representative. He is a master of magic and can actually make you think that what you read is not really what you read, that what you understood is far from it (and of course, entirely the reader’s fault for being a twit) and that, on the whole, the advertising published by his bosses is fundamentally correct in what benefits them but, at Rothschild’s insistence, not to be relied upon on what it is detrimental.
