Spanish court will not investigate equity release scam

LAST UPDATED: 30 Jan, 2012 @ 22:01
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Spanish court will not investigate equity release scam

THE Spanish national court has announced it will not be investigating the equity release scam that has left scores of expats on the Costa del Sol facing losing their homes.

The Audiencia Nacional insists there is not enough evidence to merit launching a criminal investigation despite the group of 20 foreign residents filing over 200 pages of documents against several Scandinavian banks.

“This is a clear case of judicial apathy by the Court which, after probably not reading the claim, considered it nevertheless irrelevant in what is a steadily worsening record of protecting rights of consumers,” said Antonio Flores from Marbella law firm Lawbird who is representing the Malaga victims.

But offering a ray of hope to the hundreds of expats affected, the Danish government on the other hand has now decided to open an investigation into the scam.

“It does not sound very good if a Danish bank is involved in such a concept. It will be included in our priorities” insisted Johnny Hansen Schaadt, director of The Danish Tax Office Special Department of Economic Crime.

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