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)
