Sigrún Davíðsdóttir's Icelog

Landsbanki Luxembourg liquidator ignores French investigation

with 3 comments

As reported earlier on Icelog, the French investigative judge Renaud van Ruymbeke is conducting an investigation of Landsbanki Luxembourg activities in France regarding the bank’s equity release loans. With the investigation ongoing it was assumed that the bank’s liquidator Yvette Hamilius would suspend recovering assets by sending bailiffs to the bank’s customers in France.

This however has not been the case as the Luxembourg Paperjam reports (yet again by Véronique Pujoul who has followed this case diligently) and Icelog has heard. Lawyers for the clients are now asking if this could be seen as both harassment from the administrator and also constitute a contempt of the French Courts with an ongoing investigation where charges have been brought.

Icelog has earlier reported extensively on this saddest part of the Icelandic banking collapse saga. What is truly shocking is the utter and complete disregard Luxembourg authorities have shown the clients who have at length described their dealings with the bank and administrator, i.a. conflicting messages from the administrator on outstanding debt. Part of the scheme were investments, which the clients have questioned as they got more understanding of them as well as being kept in the dark about the administrator’s handling of the investments.

Instead, the Luxembourg state prosecutor has, without any investigation, placed himself firmly on the side of the administrator by claiming that the clients were only trying to evade paying back their loans. This behavior by a public prosecutor in a European country is utterly inconceivable.

Although investigations into the banks are ongoing in Iceland, with serious charges and severe prison sentences, Luxembourg has done nothing to investigate the Icelandic operations in Luxembourg, i.a. that of Landsbanki. Yet, the Icelandic investigations show that in many of the worst cases, such as in the so-called the al Thani case, the schemes were partly planned and carried out in the Icelandic banks in Luxembourg. In many cases, the alleged and proven criminal wrongdoings by the Icelandic banks could not have been done without their Luxembourg operations. Yet, Luxembourg ignores the banking problems in its own front yard.



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Written by Sigrún Davídsdóttir

March 20th, 2015 at 12:52 pm

Posted in Uncategorised

3 Responses to 'Landsbanki Luxembourg liquidator ignores French investigation'

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  1. You are in your 80s and a bailiff knocks on your door with a demand to pay 1.2 million Euros within 8 days ? You believe that your home has been protected by the highest court in France but the mere act by this official puts doubt into your mind. You naturally panic, and at that age the shock might just be terminal.
    Fortunately in this particular case last week the victims kept their heads and took immediate action to bring this gross act of intimidation into the public arena. The Luxembourg press took up the story and the victims lawyers in France immediately responded. This is not to say however that these victims were not severely effected both physically and mentally. Strange also that it coincided with the birthday of one of them.
    What happened in Luxembourg. Well the lawyer for Mme Hamilius VALERIE DESFORGES stated:
    “I stress that the order that was issued to your clients was only to interrupt the prescription and will not be followed by an execution of the order in view of the seizing of the banks’ assets by the Criminal Court”
    So this begs the question, WHY take this action in the first place other than to cause more misery and distress to these particular victims. Could it also have some bearing on the fact that the Landsbanki Luxembourg SA victims group run a very successful FACEBOOK site which is bringing the truth of the case to the publics’ attention ?
    Strange also that only 2 weeks before the Victims WebSite was compromised and was closed down for a short period by persons unknown. I think that there is little doubt that a campaign of harassment and intimidation has started in Luxembourg against the victims.
    It will not succeed.

    Nina Foster

    21 Mar 15 at 7:46 am

  2. Without the judicial and political protection of Luxembourg, most of the fraud’s and toxic schemes which Luxembourg has enabled, through a European passport of distribution, would not have been possible. Iceland would not have been brought to it’s knees and we would not have had the last precious years of our lives, destroyed by deliberately ignored Luxembourg based crime.
    Luxembourg has clearly aided and protected the bank frauds which have brought Iceland and other European countries into suffering and poverty and which will affect future generations.
    This is why Luxembourg is the richest country per capita in the world and probably why Jean-Claude Juncker came to be the president of Europe when everyone knows he was booted out as PM for lying, cheating and covering up scandal after scandal which he chose to ignore. The priority was always Luxembourg’s financial place, with ethics and morality long since thrown out of the window.
    This is not an example other politicians should follow.
    This should not be what Europe is about.
    Who wants to be in Europe, if this is considered acceptable behaviour?
    Who wants to be European, if the Luxembourg system of protecting abuse of the consumer and crime which brings nations like Iceland to it’s knees and destroys the lives of hundreds of pensioners and their families and destroys peoples’ lives through countless bankruptcy frauds and tax evasion frauds is acceptable behaviour?

    Luxembourg has not just been looting it’s neighbours and influencing others to do the same as they saw Luxembourg getting richer than everyone else through their looting and lying and the protection of their judiciary without which, nothing would be possible in the financial crime world.
    Luxembourg has corrupted and influenced other countries into
    copy-cat behaviour. Look where Jean-Claude Juncker is today?
    Why is he there?
    Politicians are easily influenced by corruption and what powerful, top banker has not dangled corruption in front of a politician or a lax judiciary protecting a corrupt finance centre with no concept of ethics, morals or respect of the citizens they are supposed to protect?
    The situation is far more serious than the press dare say which could be why most of the international press seems so reticent about reporting on the admirable way, Iceland is setting an example to the world about how corruption can be stopped and how bankers are bound by the same laws as everyone else.
    Are other countries feeling ashamed, they do not have the courage and determination of Iceland, or are they afraid of the bankers as they have them held by financial strings?

    This is not about politics. This is about acceptable behaviour and the moral responsibility of those in positions of power and influence. But it is also about our responsibility and duty to say NO, when abuse at the top is taking place, as Iceland did.

    What country feels it is honourable to bow to the codes of practice which Luxembourg finds normal and has exported to other countries through their toxic schemes and manipulations detrimental to the consumers and very beneficial to the banks and those in the judiciary and politics, protecting them?

    Europe is seriously damaged, both morally and financially and corruption is as dangerous as the most lethal virus killing more people, as where is the vaccine, if the citizens do not wake up and protest like the Icelandic people did?

    The conscientious Icelandic judiciary has fought to give Iceland back the most important assets for a small country: TRUST and RESPECT.
    They have succeeded.
    Luxembourg has lost these essential assets.
    TRUST and RESPECT for Luxembourg is definitively out fo the question.
    The display of arrogance and denial put on exhibition through the LUXLEAKS, the Landsbanki, the Madoff, the BCCI, the Clearstream and all the Icelandic bank frauds that were given a free run through Luxembourg, have shown the world that Luxembourg is not to be trusted nor respected as they have done the opposite of Iceland and have not cared about the consequence of their actions on the rest of the world and they continue, as cowards, to deny any wrongdoing.

    The citizens of Iceland stood up and said NO to the bankers and those colluding in protecting their looting.
    This is why Iceland is an example of courage and dignity to the world which other countries do not share and this should be celebrated in world press.
    Iceland is not only the world’s best example, but it is the world’s only example, showing that even if some of the politicians or judiciary are weak or corrupt, ordinary people and families can be extraordinary and stand up and say NO to the bankers.
    There are extraordinary courageous and ethical lawyers, judges, like Mr Hauksson, Mr Van Ruymbeke, politicians, bankers and Whisleblowers like Antoine Deltour and Denis Robert, the international consortium of journalists, who dare to reveal the facts in order to protect the citizens and justice, but without the full support of a courageous public to back them and to protect the values they are protecting, the corrupt are difficult to stop as they have got to the very top of our institutions.

    The Landsbanki Luxembourg scandal is not just a scandal of bank fraud, market manipulation and toxic Luxembourg schemes, which the Luxembourg Jean Guill of the ABBL readily admitted, were so toxic that they could ‘never work’ and the client would in the end lose their home which was always at risk, but it is above all a judicial and political scandal.
    Luxembourg PM Mr Juncker, was well aware of the Landsbanki scandal and the abuse of the consumers who wrote to him showing him their accounting was false and they had been disrespectfully treated as debtors by the virulent Hamilius-Guillaume and the Luxembourg judiciary, deliberately ignoring the false accounting and money vanishing from accounts .
    Where is Jean-Claude Juncker today?
    He is at the top of Europe and we, the honest, hard-working European pensioners are being treated as criminals, many dying in terror and humiliation and only two weeks ago another attempt at taking a life due to the illegal and callous acts ordered by Luxembourg judiciary to recover assets from victims which are most certainly issue of fraud.
    All the time, this is being blamed on Iceland as Luxembourg denies having any part in the crimes of the Icelandic banks when without Luxembourg, nothing would have been possible.
    Why does Luxembourg always blame Iceland if at the same time the administrator says there was no crime and no false accounting by Luxembourg’s PwC or the Hamilius, Franz Prost, Paul Laplume team who were doing the SCR calculations in the suspension of payments period from the 10th of October 2008?
    Who made the money vanish from the accounts after mid-October 2008?
    Can this be blamed on Iceland?
    Why did Yvette Hamilius seek refuge behind the Luxembourg Wort, so that she could tell everyone that she was “IMMUNE, according to German doctrine”?
    Why does the Luxembourg lawyer feel it is so important to insult the French judge by accusing him of being biased when she is 100% biased herself and the judge is doing his job properly whilst she is refusing to report the false accounting after October 10th, which is in breach of E.U. law and shows money laundering through administration of bankruptcy possibilities?

    The typical Luxembourg administration of the Luxembourg bank is the most toxic part of the whole fraud as it is the financial crime and money laundering part and for this, Luxembourg has proved over the years, a “great expertise”, as they and the big four accounting giants are proud to say, whilst denying any wrongdoing!

    Hundreds of seriously abused European consumers , with at least 34 deaths and 5 attempted suicides as the cruelty and lack of respect of victims by the callous and abusive administration is untenable, can tell Iceland that we feel the very last thing Europe needs is Luxembourg as it’s financial heartbeat.

    Sorry this is so long, but we are getting angrier as
    we see more questions need answering and Luxembourg continues to blame others and deny any wrong doing themselves whilst millions of lives are damaged, businesses destroyed and countries made to suffer. It is too much to bear in silence!

    Rachael Williams

    7 Apr 15 at 10:43 am

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