U.S. INDIVIDUALS ALLEGED TAX CRIMINALS BY DENMARK
SETTLEMENT REACHED WITH NORTH CHANNEL BANK
In August of 2020, the North Channel Bank offered an unusual statement in their website addressing the indictment proceedings of the Kingdom of Denmark against North Channel Bank. Below are excerpts of this statement:
“Over the past three years, under the current management, the bank has cooperated with the investigating authorities in a very transparent manner and supported the investigations.”
The business organization under the Bank’s name was used to facilitate”…the illegal cum-ex business at the expense of Denmark and Belgium was already ceased by the current management in early 2017.” The Bank did act quickly to remove any employees where proof was clear as to their active participation in creating and operating this illegal cum-ex scheme. The Bank also extends its continuing effort to root out other employees where it can be proven of participation.
Now, with more than 3 years since taking the above action against personnel at the Bank, North Channel Bank “…has been completely restructured and provided with a new business model based on sustainability and trusting cooperation with our customers, a model which has received a highly positive response.” Part of this restructuring was the early recognition of these illegal gains wherein the Bank vigorously reached agreements with the governments of Denmark and Belgium to exclude future liability with payments designed to help countries economically affected. The payments are from the sale of the Bank with proceeds transferred; thus, ending litigation between the two countries, ending all proceedings in Denmark, Belgium, and the UK.
Historically, North Channel Bank GmbH & Co. KG was founded in 1924 as a privately owned bank named Bankhaus Oswald Kruber located in Berlin. In 2009, a North American group of investors with expertise in the US Life Settlements sector acquired the bank and renamed it North Channel Bank. In 2010 forward, the Bank was viewed as one of the leading institutions in US Life Settlement financing. During this time, the Bank worked with the US servicer, NorthStar Life Services, LLC, a former affiliate, and offered financing and investments in US Life Settlements.
By Michael B. Nelson, Esq.
April 16, 2021
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