Danske Bank International MD Answers the Press
April 28th, 2011
For the Head (or headless) of Danske Bank International, the killer product (International Capital Assurance) sold to their trusting customers was in no way a financial product but a benign insurance policy, and therefore did not have to be regulated by the Spanish financial regulator (CNMV), according to a communication sent to a Sunday UK paper. Then, supposedly, some hanky-panky Luxembourg law on the matter that nobody knows anything about would be applicable. Additionally, Danske Bank claims that the contract was signed in Luxembourg, when my client has never set foot on the tiny tax-haven.
Just short of a million euros have gone so far on some life insurance product…what would Your Honour think about this?
