Attempts by MP Huw Irranca-Davies to seek a plausible explanation as to the purpose of the Credit Select tax-evasion facility, and the effects it has had on purchasers of this mortgage/financial scheme, has been met with indifference by an ubiquitous Claire Whittet, from Rothschild. The below email was sent to ERVA from the office of MP Huw Irranca-Davies, together with Rothschild`s formal answer:

Further to a recent meeting between representatives of Rothschild and Huw Irranca-Davies MP, the following letter was received. (attached)

Rothschild have agreed that this can be publicly circulated, so I have posted this on the ERVA site and Huw hopes it may be useful.(hopefully tomorrow/Friday)

Huw Irranca-Davies reiterates that he cannot – for reasons of parliamentary protocol and resources – enter into individual correspondence with individuals other than his own constituents. Where individuals have a direct or clear familial link with a UK parliamentary constituency you may want to approach the relevant Member of Parliament for that constituency. Huw is happy to discuss the issues with any other M.P’s and to collaborate where appropriate.

Nykredit in Spain, with offices in Marbella (Centro Comercial Plaza), could see all of its Spanish loans declared void by the Courts.

The reason is no other than the appalling wording of many clauses of their standard Spanish mortgage loan contract, notably the “applicable interest rate” clause.

This extraodinary discovery happened when lawyers acting for a victim of Nykredit’s nefarious Marbella branch, who had been served with a foreclosure Court claim, analysed with a fine-tooth comb the wording of the loan contract…only to conclude that it was impossible to establish which rates were applicable and crucially, what was the total sum owed when repossession proceedings got underway.

Lawyers have concluded, following 48 hours of collective ‘brainstorming’, that it is not possible to arrive at a discernible figure on the above concepts.

Now let’s see how Nykredit’s clever Danish lawyers worded the diverse formulas used by the bank to charge interest and calculate outstanding balances:

The value as certified by the Copenhaguen Stock Exchange.

In case of disappearance of the above, the value certified by any other Public Administrative Body.

The “market” value.

The market value paid by Nykredit for the “underlying bonds”.

An amount that could be, in any event, different from the “OBL RESTGAELD” debt.

The value of bonds issued under code “ISIN”.

A formula totally different from the above, in case Nykredit decided to use the prerrogative given to itself of not “taking the above into consideration”.

Quite!

Startled borrowers have stated that if the mortgage loan had been left in Danish language, they would have stood a better chance of grasping something.

In addition to this bungle but as a consequence of the above, NYKREDIT’s Alicante-based lawyers made a total mess in their Court repossession paperwork when, in a futile attempt to cheat the Courts (and their customers), attached the obligatory Outstanding Balance Statement without reflecting the mandatory calculations, without the Notary Public certifying those (when the melon was supposed to ensure the Statement was consistent with the wording of the loan contract clauses, article 218 of the “Reglamento Notarial”) and worst of all, forgetting to legalize the signature of the person ratifying the Statement (a Sussie Nyholm, who at the time happened to be in Denmark, or just as always be believe because she lives there…).

And to cap it all, as for applicable law, Nykredit expressly noted the following:

This loan will be subject to Spanish laws and Courts.

Should the Courts declare void the above 2 clauses in the loan contract, by application of Spanish Consumer laws and notably, the recent 2013 European Court of Justice ruling, the following could happen:

• Foreclosure proceedings are set aside, with costs (circa €70k).
• Only some clauses are declared void, forcing Nykredit to instigate repayment in normal declaratory proceedings where, unbeknown to the lender, a 50-page claim has been lodged against them and their sidekick, Sydbank, for running an illegal Equity Release scheme.
• The mortgage loan is declared void, with unknown legal consequences.
• The entire Nykredit loan book in Spain, Equity Release or not, face the threat of having their legality challenged in Courts.

The man of the picture is unique in that he has sold Equity Release for not one, but two banks!

His first post was with Landsbanki Marbella wherefrom his scaremongering tactics bought immense success to his company.

When the s**t was about to hit the fan, he jumped ship and found cover in Gibraltar, working for a no less amoral company: Jyske Bank.

Although years have passed since this young-ish looking gallant banker posed for the defunct magazine, you may still be able to guess who he is within this list.

Have a guess!

Marbella Courts have accepted a claim against Nordea Bank S.A., and former Danish Army Sergeant turned Managing Director, Claus Jorgensen, for misleading publicity and swindle.

The claim comes as a result of new revelations that would prove that Nordea Bank S.A. ran a tax-evasion scheme in Spain, targeting hundreds of owners of unencumbered homes,  whereby a fictitious loan would be officially registered with the main purpose, according to a letter signed by Mr. Jorgensen himself and addressed to the CSSF (Luxembourg regulator), of reducing the value of the property for Inheritance Tax purposes. The loan was then invested in a Nordea-backed ”Bancassurance” product, capable of protecting and safeguarding your wealth in order to secure an optimal financial existence for you and your family.

According to Nordea’s advertising, the safety of the product was almost guaranteed when admitting that ”it is improbable that the Spanish Tax Office will come knocking on your door…”.

Caught with their pants down, Nordea’s alibi now is not unfamiliar: “it’s not what you think, we just gave general tax advice but you were urged to seek your own private advisors…”.

One has serious doubts about the sanity of the people running this bank: they first issue a booklet called “Guide to Wealth and Tax Planning in Spain”, they then state that it was “merely general advice not amounting to tax advice and certainly not to be relied upon” and finally, they withdraw the booklet from internet 15 days before a pre-trial hearing that was specifically targeting the advertising of the booklet.

Mr. Jorgensen, aware or not that this constituted tax fraud, would have been responsible for loan sign-ups totalling 45 million Euros, only in the Malaga province.

If this degree of moral corruption is surely intolerable in the Danish Army, why would it be acceptable for a bank? Claus, did you not learn anything in the Army?

Letter to Regulator: http://erva.es/wp-content/uploads/2014/02/NordeaLetter28July2010.pdf

Nordea Tax Booklet: http://belegal.com/equity-release/files/2011/11/Nordea-Brochure.pdf

Letter from Spanish Tax Office: http://erva.es/wp-content/uploads/2013/06/2013-05-27-Tax-Office-On-Equity-Release-Binding-Enquiry.pdf

Bancassurance Product: http://www.nordea.lu/Home/Individual%2bapproach/978032.html

Stephen Dewsnip and Mark Coutanche, once at the forefront of N.M. Rothschild & Sons in Guernsey, were responsible for selling over 100 tax-evading schemes to mostly British pensioners.

Alerted by the scam, and not the least the loss of their investments, victims of the Credit Select Series sham product filed a criminal complaint in Denia in 2011.

Shortly after, Stephen Dewsnip and Mark Coutanche were requested to attend the Courts; they were to be interrogated by lawyers representing the claimants, the State Prosecutor and the Judge.

What did they do? Avoid receiving service at all costs, even after knowing they were being sought in connection to the Rothschild Equity Release fraud.

3 weeks ago, Stephen Dewsnip attended a hearing in Marbella Courts, as a witness proposed by N.M. Rothschild & Sons in case relating to a civil action brought by a victim. Mr. Dewsnip was very accomodating and happy to assist on this ocassion and help his former employer.

But, as it happens, the Denia Courts are still in the search for an address where Mr. Dewsnip, and his pal Coutanche, can be properly summoned. 

So far, the ‘missing individuals’ have been issued with two “Address and Whereabouts Search Warrants”, failing to turn up.

The above orders could be soon replaced by the more annoying “Arrest Warrant” which, as one knows, implies spending time in the nick  if and when identified.

Nordea Bank S.A.’s Marbella Representation Office has been busy ‘transferring’ millions of Euros worth of Spanish property to Luxembourg, a tax haven in the heart of Europe. The scheme, know as the ‘Managed Capital Plan’, consists in a ordinary mortgage loan offered by Nordea on their unencumbered homes and the investment of the loan in Luxembourg.

Now, for the first time, those millions of Euros worth of tax evading mortgage loans (according to the Spanish Tax Office) have an owner. 

ERVA has had access to a list of property owners in the Marbella area who bought into the Nordea’s scheme. The list was provided to ERVA from a confidential source and has been compiled by accessing Marbella public land registries.

The list includes Marbella property owners who bought into the scheme, for how much and when. It also establishes the date when the property was bought, as opposed to when the loan was taken. One notable client of Nordea is the current Mayor of Marbella, María Ángeles Muñoz, who alogside her husband took out a loan against their company Crasel Panorámica S.L. The disclosure of the information became a regional scandal.

By publishing this list, ERVA does not attribute the commission of a crime or a civil wrong to any of the people and companies, but does wish to issue a warning:

The Spanish Tax Authorities have stated that using mortgage loans, not invested in the purchase of property, for the purpose of reducing the taxable value of the property with respect to Inheritance Tax and Wealth Tax, as Nordea’s Managed Capital Plan formula promised, is Tax Fraud.

List of Owners, Properties, Date of Purchase of Property and Date of Mortgage Loan.

Important Note: The Spanish Data Protection Agency, in a ruling of the 20/12/2006, has stated that the publication of data obtained from Land Registry sources in a TV programme is legally valid and protected by article 20 of the Spanish Constitution and the Mortgage Act.

SG Hambros Gibraltar has reacted promptly to accusations of wrongdoing and, as one would expect, has rejected admitting any liability in respect to buying 100% of the private banking business of illegally-operating ABN AMRO N.V. Gibraltar Branch.

Lawyers acting for SG Hambros have confirmed that the take over was only in respect to the mortgage loan portfolio, and not the investment business.

This is stark contrast to what both firms publicised back in 2008.

Quietly though, alerted by the implications of having bought a business that could bring shame of the name SG Hambros Bank (Gibraltar), managing staff have reacted as one other bank -Nordea Banks S.A.- did: removing incriminating posts from internet.

The knee-jerk reaction is generally a clumsy move as not only does it leave a trail but too, ERVA has already pre-empted it by printing the original press release where SG Hambros confirms having acquired 100% of the Gibraltar-based private banking business of ABN AMRO Bank N.V. (Gibraltar).

This is the site where press releases are shown (the PR is of the 1st of July 2008).

This is the page that comes up when you click on the PR.

This is the press release viewers should have been able to read, had they not removed it.

SG Hambros is not new to complex tax-cheating artifices: it was already involved in a 2006 tax avoidance scheme that was busted by the HMRC last year.

The Olive Press newspaper has published that a law firm acting for equity release victims has demanded that Baron David de Rothschild appears in Court.

Mr. Rothschild, former Chairman of N.M. Rothschild & Sons, is considered to be the ultimate responsible person of allowing the bank’s advertising to be published in this country.

The referred literature includes an open invitation to register a Spanish property with a mortgage loan to, according to Rothschild, reduce Spanish Inheritance Tax.

Article 282 of the Spanish Criminal Code establishes the following:

Manufacturers or traders who make false claims or declare untrue features in their offers or publicity of products or services, so as to cause serious, manifest harm to consumers, without prejudice to the relevant punishment for having committed other felonies, shall be punished with a sentence of imprisonment of six months to one year or fine from twelve to twenty- four months.

The petition for formal indictement and summons has been filed through the Denia Courts, currently investigating a fraud claim institigated in 2011 by Fuengirola firm IURA.

Stephen Dewsnip and Mark Coutanch, both named and charged in the above criminal proceedings, have failed to attend a hearing and as a result, have been issued with 2 warrants.

Rothschild has been eagerly avoiding being linked to fraudulent lending and has denied liability.

Cuatrecasas, Goncalves Pereira law firm, second by turnover in Spain, has confirmed to lawyers acting for Landsbanki victims that Lex Life and Pensions SA used their name illegally when promoting the Lex Life Capital Assurance in Spain.

According to the deceptive publicity of the ignominious Luxembourg-based company, the named firm had been involved in preparing the sham Equity Release product.

This is the paragraph in question:

Our product, Lex Life Capital Assurance-Spain, has been developed in cooporation (sic) with the law firm CUATRECASAS (www.cuatrecasas.com), “Best Spanish Firm of the Year 2005, International Law Office”.

The advertising also attributed this product the following advantages:

Spanish IHT has a ceiling of 34%, but depending on personal circumstances, the amount can go up by 2.4 times.

The Lex Life Capital Assurance-Spain is an excellent, tax compliant way of mitigating tax exposure and safeguarding inheritance tax.

Cuatrecasas strongly denies any involvement with the above and has confirmed to lawyers acting for the victims that they are considering legal action against the company, or their successors.

Second-largest Spanish bank, BBA, has been found guilty of misleading advertising when offering customers foreclosed properties through printed publicity material.

The specific illegality refers to inserting a disclaimer at the bottom of the ads where it read as follows:

The information contained in this publicity is not of a contractual nature as it merely has informative purposes, being the promoter able to freely modify the characteristics of the offer at any time.

According to the Mercantile Court Number 2 in Madrid, this advertising is illegal and has to be removed.

Also, the bank will have to post rectifying publicity in all BBVA branch windows throughout the country.

http://www.ausbanc.com/web/Condena_ejemplar_a_BBVA_por_engañar_a_los_consumid_2014911113339.asp

Legal proceedings against Nykredit Realkredit A/S and defunct Sydbank (Schweiz) AG, the cowboys that nearly brought the Danish parent company down, are now underway with the Marbella Courts. The claimants are two British citizens ripped off by employees of both companies, one of which, Sydbank, operated out what is now a Fuengirola shoe shop.

This bank was never cleared by the Bank of Spain to conduct investment business, in spite of which they opened a branch office in the Costa del Sol town. The reason is that they never bothered to apply for a license. 

Lawyers acting for claimants will be requesting that Christel Hansen gives a witness statement, under oath, in respect of her involvement in selling bogus financial products.

Cristel, in the years of the Equity Release, would be used by Nykredit as a “pretty face” to lure unwary property owners into the trap. She used to visit clients in their own homes, together with Sydbank staff, and there are photos of her that corroborate this.

It remains to be seen whether she will choose to risk her freedom by lying in Court or, rather more appropriately, be honest and upfront about the misdeeds of her current employer.

DENIA COURT ORDERS SPANISH POLICE TO CONFIRM ADDRESS FOR HIS SUMMONS

The writ dated 14^th of October 2014 -received by lawyers acting for a Rothschild victim yesterday- has ordered the following:

1. Reopening of the criminal investigation (preliminary inquiries) that was provisionally set aside (the latter status was not made aware to us as we had thought it was ‘alive’; as it happens, it makes little difference from a practical point of view).
2. Informing the Spanish Prosecutor of the Court’s decision.
3. Ordering the claimants’ counsel to submit a criminal complaint, making it extensive to Baron David de Rothschild (the POA did not include him as he was initially not listed as a potential defendant) with a view to “guarantee his right to a legal defense”.
4. Ordering the Police Forces in Madrid and Barcelona to verify whether Rothschild’s addresses in those cities are suitable for summoning Baron David de Rothschild and Stephen Dewsnip, with a view to being interrogated following an official indictment.

It remains to be seen how will the bank tackle this setback; so far, the Rothschild camp have stood firmly by their IHT mitigation CreditSelect loan product, deriding clients’ claims and being dismissive of the authority and capacity of Spanish Courts. 

BaronDavidDeRothschildSummons

Premier Group Limited, operating out of the Isle of Man, and SL Mortgage Funding Nº1 Limited, originating from Chester, have had legal proceedings against them accepted by Courts in Bilbao.

A group of claimants, represented by lawyers acting for ERVA, filed a civil complaint against the aboved named companies for selling tax defrauding schemes, worth a grand total of €7.5 million, through misrepresentation and deceipt.

The scheme, also known as SITIRS (Spanish Income Transfer and Inheritance Reduction Scheme), was the brainchild of Premier’s Sales Manager for Spain Charles Walton. Unfortunately for his former employers, Walton was busier cheating people than ensuring that his boss complied with the Spanish regulators, a kind of essential job he forgot about completely.

The Isle of Man Financial Supervision Commission, via the likes of Bobby Keig, Michael Weldon and Hazel Gawne, by repeatedly ignoring letters and emails from consumers cheated by this company, has given their implicit blessing to the now infamous clandestine activities of Premier Group, in Spain.

As for the appointed lenders, SLM, they were party to the scheme and derived an undisclosed profit for teaming up with Premier; they now face having their mortgages rendered null and void.

SLM (1) (1) (link to Court documents)

Update from the Malaga Courts: Rothschild finally submits defendant’s writ to the claim brought by victims of the tax-evading CreditSelect Loan.

The allegations contained therein could hardly be more implausible:

1. That NM Rothschild & Sons has no relationship whatsoever with the advertising, only attributable to RBI (Rothschild Bank International). Now if we click on the above logo, it takes us a firm whose corporate website happens to be hosted by NM Rothschild website.
2. That both are two distinct companies that do share the same name but are, nevertheless, separate entities, strange coincidence we’d say…
3. That NM Rothschild & Sons intervention was that of being a ‘mere’ lender and consequently, is not responsible for the advertising promoted by RBI and as a result, cannot be sued (NM Rothschild tries to dissociate itself from RBI only to admit that the product was promoted by RBI and granted  by NM Rothschild…can anyone make sense of this?).
4. That the equity release product was created by Hamiltons Financial Services and Henry Woods Investment Management, and not NM Rothschild who, they insist, was a mere innocent lender.
5. That the advertising fby RBI was backed by Uría & Menéndez, top Spanish law firm who in 2004, drafted a comprehensive tax report and has to therefore be deemed bona fide.
6. That Mr. Nott’s affidavit is biased and consequently, untrue (showing great concern too in respect to Mr. Nott’s comment that Rothschild did provide financial advice).
7. That whatever the advertising was- never mind the Spanish Tax Office- it was all true because a Uria & Menendez sanctioned it (aside from conveniently manipulating the report to avert responsibility).
8. That the clients could not prove that they’d read the advertising! This very shameful allegation should embarass any person, let alone a 300-year old lender. As it happens, the laws are able to cope with even the most devious operators, such as Rothschild: read the term “Probatio Diabolica“.

The statement below was made by a RV (Rothschild Victim). Names  have been ommited to preserve confidentiality.

This statement fully validates Mr. Nott’s honest and truthful affidavit, and exposes the lies of the “Rothschild” brand.

Mr. Dewsnip, let your conscience be your guide and sever ties with your former utterly dishonest employers. You were economical with the truth on stand once, don’t dig a deeper hole for yourself.

Mr. Donald Nott of Henry Woods, a company trading as financial advisors previously known to us, telephoned to say that he was arranging a seminar in the Javea, Parador hotel and that a Mr. Stephen Dewsnip, a senior director of Rothschild Bank, would be giving a talk on a Rothschild financial product known as the “Rothschild Credit Select Series 4 Equity Release Plan”.

Due to a previous commitment we were unable to attend the seminar and instead asked Mr. Nott to come to lunch at our house, an occasion which would provide him with an opportunity to explain the “Rothschild Credit Select Series 4 Equity Release Plan” in greater detail.

Mr. Nott agreed to this arrangement and then asked if he could bring Mr. Dewsnip, the Rothschild Bank director, with him.  We agreed to this and felt quite honoured to have a director from a prestigious bank in our home.   Both men arrived at 12.30pm and we enjoyed some convivial, pre-lunch drinks together.

The smartly dressed Mr. Dewsnip appeared to be on extremely good terms with Mr. Nott.

Both were very courteous and once lunch started Mr. Dewsnip began to explain the Rothschild Credit Select Series 4 Equity Release Plan.   Mr. Dewsnip advised us that, in view of our well-defined financial circumstances, the Rothschild scheme would be an ideal “investment” as it would release equity locked-up in our home, provide another source of income and reduce inheritance tax.  The entire scheme, he assured us, was underwritten by a Rothschild Bank loan that would be guaranteed for 10 years.

Mr. Dewsnip was aware that my husband John John, a retired Army officer, had a small pension and Mr. Dewsnip also fully understood that the only accessible capital we had was tied up in our home.  He advised both my husband and I that Rothschild Credit Select Series 4 Plan would be financially beneficial to us as the equity released in our home would provide us with an initial lump sum of up to 5% of the value of the house, and the “income” following on from investing the remaining money in a “financial product” would provide an annual net income of up to 3%.

Mr. Dewsnip wholeheartedly assured us that the Rothschild Credit Select Series 4 Equity Release Plan was guaranteed by Rothschild Bank and was particularly appropriate for elderly people not wishing to move house again.  And that Rothschild Bank would not involve anyone, particularly pensioners, in a hazardous financial product that would expose them to unexpected risks.

We are inherently adverse to taking financial risks of any kind but the assurances we received from Mr. Dewsnip, director of Rothschild Bank who was actually sitting in our house and eating our food, was sufficient to convince us that the Rothschild Credit Select Series 4 plan was a safe and appropriate plan consistent to our financial circumstances.  And it was the advice received from Mr. Dewsnip, a director of Rothschild Bank, that finally persuaded us to enrol in the Rothschild Credit Select Series 4 Equity Release Plan.

At no time during our lengthy conversation with Mr. Dewsnip did he draw any distinction between the names “NM Rothschild & Sons” and “Rothschild Bank International”.

 At all times Mr. Dewsnip referred to his employees as “Rothschild Bank” and if there is a legal distinction between the two entities then Mr. Dewsnip failed in his fiduciary duty to disclose this information and in doing so misled us into entering into a contract.

The Malaga Law Society has ruled that lawyer Antonio Flores did not incur in misconduct when revealing, a few months ago, that the Marbella Mayor had acquired a tax evasion product from Nordea Bank S.A.

The ruling concludes that the right to disclose information of public interest is not incompatible with the role of being a lawyer

The story can be read on this link below:

http://www.eldiario.es/andalucia/Carpetazo-alcaldesa-Marbella-inversion-Luxemburgo_0_330367254.html

Nykredit Realkredit A/S and Sydbank (Schweiz) AG are to appear in Court on the 6th of February 2015, in respect to an application notice for an interim freezing injunction.

The freezing injuctions seeks to prevent Nykredit from foreclosing on the Equity Release loan.

Both defendants have also been granted 20 days to respond to allegations as per proceedings filed against them.

Nykredit and Sydbank have always denied having any relationship or having ever jointly offered an Equity Release in Spain, in spite of abundant evidence to the contrary.

Baron de Rothschild has proven to be an elusive character: the Denia Court of First Instance could not locate him in his Madrid offices. According to the Police, the receptionist alleged that this person was “not registered as a company employee” and thus, she “could not help with the Court request”.

She obviously has a point: Mr. Rothschild is not on the payroll of the Madrid office. At the same time though, surely she could have accepted the document and relayed it on to lawyers Gomez Acebo & Pombo, in Madrid.

But that was never to happen: lawyers for Mr. Rothschild have instructed staff at the company offices to stick to the same excuse, one that has worked very well in the past with Mr. Coutanche and Mr. Dewsnip.

On this ocassion though, a EAW (European Arrest Warrant) could be issued if the Rothschild camp keep giving the Court the runaround.