INDICTED: Baron Rothschild
INDICTED: Baron Rothschild

SPANISH translators have completed essential work in the ongoing Rothschild investigation.  

The Denia Court has now received translations from the Benidorm Translation Services Offices and ordered a letter rogatory to be sent to the investigating judge in Paris.

The Rothschild Financial Services Group stands accused of falsely advertising an equity release loan scheme, bought into by more than 130 pensioners between 2005 and 2008.

Baron David de Rothschild was indicted in France over the allegations last year, after victims – mostly expats living in Spain – bought into his loan scheme.

More than 20 British pensioners in Spain took up legal action against Rothschild’s company after losing their dream properties and thousands of euros.

Marbella-based lawyer Antonio Flores of Lawbird said this was a ‘breakthrough moment’ in the case.

“It is a good step in the right direction,” Flores told The Olive Press.

Rothschild’s product, the Credit Select Series Mortgage Loan, was sold to pensioners as a legal means to reduce the value of their homes for inheritance tax mitigation purposes.

The Tax Agency ruled that such a scheme constitutes fraud and Flores believes that Rothschild should be held accountable.

“In short, independently of what happened to the investment, Rothschild advertised a loan aimed at reducing inheritance tax, which is a breach of tax law,” he said.

The Rothschild Group has so far failed to comment.


Subscribe to the Olive Press

This site uses Akismet to reduce spam. Learn how your comment data is processed.