Thursday, 12 February 2009

Hundreds of Marbella residents affected tens of millions of euros disappeared. A court in San Roque (Cádiz) investigating an alleged scam Lansbanski

Hundreds Marbellas British residents wiped out tens of millions of euros disappeared. A court in San Roque (Cádiz) is investigating an alleged scam perpetrated against foreign residents in Marbella, in an amount that could exceed 40 million euros.
In the spotlight is the Icelandic capital Lansbanski bank recently nationalized due to the international financial crisis, and its subsidiary Luxembourg Luxembourg SA Lansbanski, now in liquidation after entering into receivership. Both the mother and its subsidiary entity and the insurer Lex Life and Pension Luxembourg SA, also belonging to the same group, is shown as reported for alleged misleading advertising and fraud in a complaint filed by the office Martínez-Echevarría, Pérez y Ferrero representing 28 concerned, all foreign residents in Spain. The total number of victims, according to sources in the firm exceeds a hundred. Among those reported are also three agencies with investment activity in the Costa del Sol and dedicated to the British market, the majority nationality of the alleged victims, all pensioners and properties of high value.
According to the complaint, from 2004 players began to market investment in the UK market on the Costa del Sol a financial product from an insurance company owned by the Icelandic bank's subsidiary in Luxembourg which provided a policy of capital secured with the mortgage of their property.Laoperación consisted of mortgage housing, amounts to around half a million euros each, and the investment of that money in a financial product that allowed for a return that not only covered the interest on the capital borrowed, but also supposedly generated additional income. Guests were taken on the grounds that it was a product that is self. Zero risk and return safely. Nothing could be further from what would happen next.
In product advertising, disseminated in different ways in English on the Costa del Sol, also ensures that the system would result in a reduction of the tax base by reducing inheritance tax, when the death of the owner, the amount of the loan value of the property tax with a clear benefit in favor of heirs of the dwellings. This, according to Spanish law, it is not possible, explain the law firm has filed the lawsuit, which has led to including in it a possible crime of misleading advertising.
Given the success of the product, in 2006 the bank opened an information office in New Andalusia, which grew from the acquisition of customers. The concerted lending institution and the amounts financed channeled through his office in Luxembourg to Lex Life insurance which means insurance capital would allegedly promised returns.
However, the financial capital was not insured as promised, let alone self, which led to customers being unable to meet interest on the loan and the amount that entered the insurance capital lost value. After the entry into receivership and the parent bank's liquidation of the luxembuguesa subsidiary, the alleged victims are not contracted quantities of capital in the insurance and the threat of power lose their homes.
Dramatic spiral Customers, as assured in the lawsuit have entered into the next spiral: they are in breach of the obligation to pay interest on the loan and because they earn interest on late payment will not be able to share the following interests by rioja that default interest will increase, with Lex Life insurance is not going to generate the necessary profit to cover the interest due or to meet to be due in the future because if this was not possible when the amount had not been entered yet depreciated , much less what is now the majority has no additional safeguards that provide; despatrimonializado have and their creditworthiness, which could achieve its greatest asset, its building, is completely exhausted, and if all this were not enough 'weight all about the imminent threat of enforcement of security, and especially the mortgage, which would inevitably lead to its downfall, with the loss of their home. The situation worsened after the last October, the Icelandic State was forced to nationalize the bank as part of measures to prevent the collapse of the financial system. This means that creditors of the bank, others in good faith throughout this process, they will hold mortgage collateral and may proceed with its liquidation.
The bank has closed its office in Marbella and has cut all communication with customers.

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