Post by Sapphire Capital on Jul 10, 2008 21:44:48 GMT 4
Euro Sparkassa Ef., Stockholm, Sweden
Full name: Euro Sparkassa Ekonomisk Förening
Or as it identifies itself: Euro Savings Bank Economic Association
Link: www.eurosparkassa.com/index.html
Address:
Box 595, S-114 79,
Stockholm, Sweden
Tel : +46-85-016-4893
Fax : +46-85-010-9622
Telex Sweden: 54 62291 SPARKAS
E-mail: eurosparkassa@eurosparkassa.com
Registered: 769601-8328 Swedish Patent and Registration Office (PRV)
Info link on details: www.eurosparkassa.com/firm.html
A financial cooperative acting for members only, purporting to work in Pension & Foundation Fund Management, the facilitation of debenture trading, the facilitation of merchant banking & trade operations, the management & brokerage of Development Funding.
Board: Harald Winhart, Joakin Sjodin, Eli Behnam
Director: Madhvi M. Damree
Finance Director: Robert Ivain
General Legal Info on the legalese is given at www.eurosparkassa.com/resources.html
The company is linked to Robitius (http://www.robitius.org/robitius)
The company does not give any information about its legal counsel or auditors, all data about their financials is given by them.
The Isle of Man Financial Supervision Department included them in a public warning (http://www.gov.im/infocentre/archived_releases/PR_fsc_01/1mutwarn.html)
It has to be remarked that the structure under the current law is able to offer to Members the receipt of funds and instruments and handling of credit requests but can in itself not accommodate trading of securities and similar bank specific and financial service specific activities without registration as financial service provider. Therefore these structures use offshore companies with separate accounts (and liabilities).
In my opinion this Sparkassa is not a good vehicle for direct engagement in financial activities. It can only be engaged in a worthwhile fashion when its activities are through confirmed instruments (confirmation by banks in good standing), otherwise they represent a high risk entity.
there seems to be some new development:
www.emailwire.com/release/11594-Euro-Sparkassa-Ekonomisk-Forening-International-Savings-Bank-Signs-Worldwide-Exclusive-Agreement-With-FranTech-To-Market-Licenses-of-Foreign-Capital-Depository-Banks-and-Credit-Union-franchises-in-220-Countries.html
and they seem to be working to stay in the loop, still believe it to be a very questionable structure but everyone does their DD themselves and decides accordingly.
They have not been taken of the warning list:
www.gov.im/infocentre/archived_releases/PR_fsc_01/1mutwarn.html
Full name: Euro Sparkassa Ekonomisk Förening
Or as it identifies itself: Euro Savings Bank Economic Association
Link: www.eurosparkassa.com/index.html
Address:
Box 595, S-114 79,
Stockholm, Sweden
Tel : +46-85-016-4893
Fax : +46-85-010-9622
Telex Sweden: 54 62291 SPARKAS
E-mail: eurosparkassa@eurosparkassa.com
Registered: 769601-8328 Swedish Patent and Registration Office (PRV)
Info link on details: www.eurosparkassa.com/firm.html
A financial cooperative acting for members only, purporting to work in Pension & Foundation Fund Management, the facilitation of debenture trading, the facilitation of merchant banking & trade operations, the management & brokerage of Development Funding.
Board: Harald Winhart, Joakin Sjodin, Eli Behnam
Director: Madhvi M. Damree
Finance Director: Robert Ivain
General Legal Info on the legalese is given at www.eurosparkassa.com/resources.html
The company is linked to Robitius (http://www.robitius.org/robitius)
The company does not give any information about its legal counsel or auditors, all data about their financials is given by them.
The Isle of Man Financial Supervision Department included them in a public warning (http://www.gov.im/infocentre/archived_releases/PR_fsc_01/1mutwarn.html)
It has to be remarked that the structure under the current law is able to offer to Members the receipt of funds and instruments and handling of credit requests but can in itself not accommodate trading of securities and similar bank specific and financial service specific activities without registration as financial service provider. Therefore these structures use offshore companies with separate accounts (and liabilities).
In my opinion this Sparkassa is not a good vehicle for direct engagement in financial activities. It can only be engaged in a worthwhile fashion when its activities are through confirmed instruments (confirmation by banks in good standing), otherwise they represent a high risk entity.
there seems to be some new development:
www.emailwire.com/release/11594-Euro-Sparkassa-Ekonomisk-Forening-International-Savings-Bank-Signs-Worldwide-Exclusive-Agreement-With-FranTech-To-Market-Licenses-of-Foreign-Capital-Depository-Banks-and-Credit-Union-franchises-in-220-Countries.html
and they seem to be working to stay in the loop, still believe it to be a very questionable structure but everyone does their DD themselves and decides accordingly.
They have not been taken of the warning list:
www.gov.im/infocentre/archived_releases/PR_fsc_01/1mutwarn.html