Tag archives for Nykredit Realkredit Marbella

FUENGIROLA COURT DECLARES NYKREDIT’s MORTGAGE NULL AND VOID while CHRISTEL MARK HANSEN, branch manager and witness, gives masterclass in lying under oath.

19th March 2022 by admin under Legal Action     
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Court of First Instance 1 in Fuengirola has declared an Equity Release mortgage loan valued at €1.4 million null and void.

According to the ruling, Nykredit Realkredit A/S (largest lender in Denmark) and Sydbank (Investment bank) teamed up to create the Spanish Equity Release Package (SERP), a complex financial product designed to reduce the value of Spanish properties by registering a mortgage loan against them and intended, based on generous and explicit advertising, to mitigate or reduce Spanish inheritance tax.

Of the Nykredit loan only a small sum was given to the property owner/borrower whereas the rest, the larger part of it, would be invested in a SICAV (translated as Investment Company with Variable Capital) promoted by Sydbank. As we all now know, not only did the investments go terribly wrong but the tax break offered by the mortgage was a not true, i.e., a scam.

Nykredit and Sybank, working closely together as shown on signed mutual agreements, offered around a dozen of such mortgages to Spain-based properties owners.

In spite of the above a cynical and insolent Christel Mark Hansen, working for Nykredit since before her employer peddled these toxic banking products and now branch manager of Nykredit’s Marbella office, shamelessly appeared in Court and after saying she had no interest in the case, proffering an orchestrated litany of lies, half-truths and manipulated statements despite being…under oath.

According to Christel:

  • When asked if Nykredit and Sydbank did work together, she said it was the borrower who put them in touch (despite both being Danish, the former holding a stake in the latter’s shareholding and the various meetings between the managers of both companies and the client).
  • When asked if Sydbank had to give a guarantee to Nykredit for 33% of the loan, she shamelessly answers “YES and NO” (despite it being a contractual obligation of the former to the latter).
  • When asked if Nykredit paid a commission to Sydbank, she dodged the question a very arrogant Danish-bank style (despite it being a contractual obligation of the former to the latter).
  • When asked if she knew if Nykredit’s loan had to go to Sydbank she said that yes, but only because she had seen it in other Court cases, and not because there was an agreement signed by both banks.

Nykredit had already foreclosed on the loan and repossessed the property at the time of the ruling although it is not known if they have sold it on. If they have, the bank will have to pay compensation of €1.7 million to the victims of their fraud.

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NYKREDIT MARBELLA Shocking Banking Practices: A New Modality Of Outrageous Cheating

21st January 2017 by admin under Legal Action     

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Just when we thought that Nykredit in Marbella, along with its mammoth parent Danish company (Nykredit Realkredit A/S), could not stoop any lower on how abhorrently they deal with customers, new events have proved us wrong.

This is the story: 3 families who are having their properties foreclosed on by Nykredit and are about to lose their homes –as a result of being sold an illegal `Spanish Equity Release Package` offered in conjunction with unregulated Sydbank- have just recently received letters from the main Denmark office urging them to make instalment payments to become “core customers” again and have their mortgages reinstated.

Placing due reliance on the representations made on the letters, customers have gone along and paid the sums requested on the letters.

The letters are true and real but have a catch: Nykredit says that they were sent by error and that they are not valid. Still, Nykredit keeps the money and continues with the forced sale.

In this case, foreclosure proceedings commenced back in May 2014 and the letters have been received end of 2016 and beginning of 2017. Incredibly, Nykredit stands by their comments and says it is a computer generated error which means the letters are not valid in law.

If we were to draw a parallel, Spanish banks have not even come close to this level of deceit. It is now time for the authorities to seriously contemplate revoking Nykredit’s authorization to operate in Spain.

Letters will be posted here shortly.

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Claim Filed In Court Against Sydbank and Nykredit

13th December 2013 by admin under Legal Action     

Lawyers acting for victims of the “Spanish Enquity Release Package”, as advertised by Sydbank (Schweiz) AG, have formally filed a civil suit against this bank, alongside Nykredit (Realkredit) A/S, for statutory voidness and illegality of the named product, on the following grounds:

– Sydbank (Schweiz) teamed up with Nykredit Realkredit A/S, a Danish lender operating through a branch office in Marbella. Both banks contend that they provided separate services and that Nykredit stepped in to lend to British citizens as a result of a “introduction” made by Sydbank, and that was about it as far as their relationship went (it almost seemed as if victims of the Equity Release victims had thrown a party where both banks met each other…getting on famously thereafter).

– Sydbank (Schweiz) was and has never been registered to operate legally in Spain, whether via the Bank of Spain or the CNMV. Notwithstanding such serious infringement, they offered their services to the Spanish general public directly, and through a number of IFAs; they actually opened a branch office in Fuengirola yet failing, as expected, to even secure a municipal opening license from the Fuengirola Town Hall.

– Sydbank (Schweiz) offered a product that, in its inception, violated public policy: it was designed to reduce, ilegally, Spanish Wealth and Inheritance Taxes.

– Sydbank and Nykredit tempted British peaceful property owners to trangress the law, to do what was injurious to the law, the community, banking code of ethics and the very rights of their clients.

– Mads Petersen and Jorn Gregersen were both conscious –yet deliberately witheld  information they were only privy to- that the investment product PEERLESS SICAV, of which Sydbank was “promoter, investment manager and most important distributor of the Company”, in any of its 3 Subfunds, did not return more than 0.58% in 2006, and actually less in 2007, when 2 and 1 of the couples, respectively, took the product out.

Corporate rogues Petersen and Gregersen not only failed to advise their clients that the product was not suitable for them (never mind the inheritance tax avoidance illicit aim or the lack of regulatory clearance) but, in a display of extraordinary trickery, made them believe that the SICAV yield could actually pay for the cost of Nykredit mortgage loan, plus Sydbank’s commission and lastly, leave the clients a remaining disposable income sum (in simple layman terms, knowing that 0.58% would hardly pay off 6% they still concealed it, with catastrophic effects).

– Finally, Sydbank (Schweiz) AG and Nykredit Realkredit A/S dishonestly tried to disguise the fact that they are actually partners in Denmark, that Sydbank channels all of its loan business through Nykredit (page 4), against payment of a commission, and that Sydbank’s CEO, Karen Frosig, is in fact a director of Nykredit (pg 12).

Lawyers acting for clients have requested that the Spanish Equity Release, comprising the “Business Connection Agreement” (euphemism coined by Sydbank to refer to a regular bank account contract and an associated Peerless SICAV product) and any associated contracts (including Belize companies, as part of Sydbank’s concealmente technology), as well as the Spanish Nykredit mortgage loan, are rendered void ab initio , following the principles quod nullum est, nullum producit effectum (that which is a nullity, produces no effect) and simul stabunt, simul cadent (they will stand together or they will fall together). 

 

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