The liquidation process has been ongoing since 2008. In a different part of the file, French singer Enrico Macias has been sentenced to repaying more than €30 million to the bank in two instances. The Court of Cassation serves to re-examine the relevant laws, rather than the facts of the case.
At the beginning of 2007, the artist was seeking a €5 million loan to renovate his St Tropez villa, which in turn connected him to Landsbanki.
The bank offered to lend Macias much more than he asked for if he would in turn invest in speculation products. In the end, the bank loaned Macias €35 million, corresponding to the value of his villa. The singer received around €9 million directly and the remaining €26 million in the form of three life insurance products. The singer complained as he felt that he had been defrauded by bankers on behalf of Landsbanki. Macias is not the only person to feel this way, as a group of victims in France have come together to claim that the bank has defrauded them all.
In the second trial, the bank submitted a request to the judges that Macias repay the amount, despite the fact that the bank is embroiled in a money laundering case in Luxembourg. However, it is likely that the courts have continued to request that Macias repay the amount as liquidator Yvette Hamilius must collect a total of €2.5 billion for the bank's creditors.
Landsbanki Luxembourg: Landsbanki liquidator targeted and threatened on social mediaMacias' Luxembourgish lawyer claimed on Thursday that this affair is dangerous for the Luxembourgish justice system. The system is attempting to validate a part of the bank which could actually be a scam. The lawyer expressed his satisfaction that the general prosecutor has referred a preliminary question to the European Court of Justice. The verdict is expected on 14 March.
