Protest in Malaga over equity release scams

Published:  12 Apr at 6 PM
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Tagged: Spain, Australia, Money
As reported by the Olive Press, over 30 expat victims affected by equity release scams assembled outside of Hacienda yesterday in Malaga to protest an alleged fraud which could lead to many of them losing their properties.

The mainly British group, which is led by Ian Sherdley and Euan Armstrong who created the Equity Release Victims Association, have filed denuncias with Agencia Tributaria against a list of mostly Scandinavian overseas banks.

They now hope that Hacienda will intervene now that they highlighted Spain’s large losses in taxes due to fraud schemes where the money is invested and then lost in Luxembourg.

Armstrong, 74, says the group has already presented all the evidence in Madrid to the Supreme Court of Spain. However, the court decided to ignore it, why is why the group is now highlighting the loss of tax at the Spanish coffers.

It went very well, as a good number came out and filed a denuncia with Hacienda, he said. The group is exposing the situation that the banks are taking cash from Spain and pouring it into Luxembourg, while Spain may lose a lot of money, he added.

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