Sigrún Davíðsdóttir's Icelog

Landsbanki Luxembourg clients raise complaints in Luxembourg – updated with a video

with 12 comments

At a press conference today, a group of almost 200 clients of Landsbanki Luxembourg in Spain and France raised complaints against the bank, because of its equity release lons and its administrator, Yvette Hamilius, for not investigating what went on in the bank prior to its default. A Brussel-based lawyer, Bernard Maingain, discussed the complaints, most of which Icelog has already written about earlier.

The action taken by the group is both aimed at the Landsbanki Luxembourg operations and the administrator. As Maingain pointed out today, the Landsbanki operations raise many questions – such as if the equity release loans were put together in such a way that they would never make the money promised, if they were mis-sold, if Landsbanki really had the license to operate in Spain and France. It is part of an administrator’s duty to investigate any possible irregularities prior to the failure of the company administrated.

Tomorrow, these claims will be presented in Luxembourg. This is just the beginning of a case, which no doubt will run for a while. The interesting thing is that here Luxembourg is being challenged on its supervision of its gigantic banking sector – the lifeblood of this tiny Duchy. But as representatives of the group said today, they are seeking nothing but justice from Luxembourg.

It will be interesting to see how easy it is to seek justice in a bank-related case in a country utterly and completely at the mercy of its banking sector.

*Here is a video link, in English but mostly in French, on the Landsbanki Luxembourg action, made last week during the press conference in Brussels, with interviews with some Landsbanki clients. 

Follow me on Twitter for running updates.

Written by Sigrún Davídsdóttir

November 28th, 2012 at 5:07 pm

Posted in Iceland

12 Responses to 'Landsbanki Luxembourg clients raise complaints in Luxembourg – updated with a video'

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  1. At last things are happening. I doubt very much if Landsbanki had the permission to sell this product In Spain even under the cross border agreement it is also doubtful that Landsbanki Luxembourg were licenced to sell this equity release product in Spain since non of their IFA’s or Agents were licenced by the Bank of Spain. The Bank of Spain has confirmed in the case of Nordea Bank SA Luxembourg that Nordea’s representative office in Marbella are flouting the Spanish Law and have sold equity release products from these offices which they were forbidden to do. The Mercantile Court in Malaga have just received a writ from erva.es and six members for fraudulent advertising and unfair competition. Visit http://www.erva.es for up to date news in Spain for Landsbanki Nordea Bank and other banks operating from Luxembourg for selling unregulated and tax evading equity release schemes in Spain. I suspect the same applies in France.

    Carian

    28 Nov 12 at 7:23 pm

  2. The problem is that it looks as if the rot in the banking sector has contaminated the Judiciary and the administration as the curator Yvette Hamilius and the Juge Commisaire Karine Guillaume do not appear to have been doing their jobs .
    How can everyone else in Luxembourg have been turning a blind eye to the Criminal investigations and criminal charges in Iceland, England, Spain and France and not ensured the administrator was properly supervised and complying with European rules and regulations concerning liquidation procedure?

    What is going on in Luxembourg?

    George Ward

    28 Nov 12 at 7:56 pm

  3. The battle lines have been drawn and now we go to war with the Landsbanki Administrator.

    I am very grateful to Sigrun for attending our press conference today in Brussels. Already the Belguim press are publishing their articles and we look forward to our case presentation in Luxembourg tomorrow, (Thursday the 29th).

    It is going to be interesting to witness how the authorities in Luxembourg are goinhg to react to this legal action, whether to bury the case,or face up to their responsibilities as responsible EU citizens.

    Mike McInnes

    Mike McInnes

    28 Nov 12 at 8:28 pm

  4. […] also : Landsbanki Luxembourg clients raise complaints in Luxembourg (uti.is) WordPress:J'aimeSoyez le premier à aimer […]

  5. George you may be right, however this link indicates that the Minister of Finance – Luxembourg may be under some pressure, as he states that the Luxembourg Banks need regulating. Perhaps all your good work and others are bearing fruit. Vamos a ver as we say in Spain.

    http://www.luxembourgforfinance.lu/fallen-angels

    Carian

    30 Nov 12 at 1:34 pm

  6. George, you may be correct, however the link shown below may indicated that the Luxembourg Minister of Finance may be more aware of the situation that he is facing with the various banks in Luxembourg. Perhaps all the publicity is getting to the right people. In this interview he states that banks need to be properly regulated. Perhaps he should start in Luxembourg. There are some classic examples of banks operating out of Luxembourg which are out of control. Landsbanki is one, Nordea Bank SA and Danskebank are but a few others. All these banks have been involved in selling fraudulent equity release products in France and Spain. Danskebank are currently fighting a criminal indictment in Fuengirola Spain, Nordea Bank SA are being provisionally investigated by the Provincial Court in Malaga Spain, Landsbanki have already been in the French Courts and lost. and now hopefully will be indicted in Luxembourg. This can only be good news for us all against all these offending banks. There seems to be a growing concern in the courts both in France & Spain of the antics of these banks.
    http://www.luxembourgforfinance.lu/fallen-angels

    Carian

    30 Nov 12 at 1:49 pm

  7. http://www.wort.lu/en/view/landsbanki-victims-lodge-case-with-luxembourg-court-50b8864de4b00468b6a0e9b8

    This is one of the many articles exposing this new SUB-PRIME scandal Luxembourg has been trying to keep under wraps.

    George Ward

    30 Nov 12 at 5:08 pm

  8. http://www.paperjam.lu/article/fr/landsbanki-une-plainte-deposee-au-luxembourg

    Here is another. I will get the English translation.

    George Ward

    30 Nov 12 at 5:11 pm

  9. George Ward

    30 Nov 12 at 5:15 pm

  10. George Ward

    30 Nov 12 at 5:27 pm

  11. http://erva.es/2012/12/01/landsbanki-equity-release-simply-explained/
    Message from erva to the French Landsbanki Victims.

    I am not sure if you picked this one up, but worth a look. I have no idea of the tax situation in France or the rules on misleading/fraudulent advertising, however as this is a European Directive I assume the same or similar laws apply. Hope it is of some help.

    erva

    7 Jan 13 at 11:46 am

  12. […] has earlier dealt extensively dealt with the saga of the Landsbanki Luxembourg equity release loans. As pointed […]

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