Supreme Court upheld the decision 34 defendants in the public offering case were acquitted. bankiaAmong them was Rodrigo Rato, the former head of the organization and the former managing director of the IMF. investor fraud and miscalculation.
In a sentence of nearly 180 pages dated last October 24, the criminal chamber of the Supreme Court, put an end to a ten-year lawsuitIn May 2012, just ten months after going public, the business was nationalized; Soon after, the party UPyD, led by Rosa Díez, filed a complaint with the National Supreme Court.
The Chamber dismissed appeals against the decision adopted more than two years ago on 29 September 2020 by the Criminal Division of the National Supreme Court, which considered the IPO to have the approval of all auditors – Bank of Spain, National Securities Market Commission (CNMV), FROB and European Banking Authority (EBA)-. The two appeals currently dismissed were formulated with specific charges representing AEMEC (Spanish Association of Minority Shareholders of Listed Companies) and Bochner Spain.
Court, one of the brochures “broad and accurate” financial and non-financial informationstressed that both the decision to go public and the determination to do so with its dual bank structure were decisions “wholly considered by the Bank of Spain”, which “oversees and approves all steps” through the Inspection Service.
Supreme confirms that the entire process before jumping to the floor on July 20, 2011 is perfectly known, supervised and authorized by the Bank of Spain and has the approval of the Ministry of Economy. One version, defended by defendants like Rato, The IPO, like the merger, “was a legal decision, not a commercial one”Both the Bank of Spain and the Government were “entirely in favour” after the new demands for savings banks.
Both the decision to carry out the operation and the determination to do it with a double bank structure were decisions “wholly considered by the Bank of Spain” and were confirmed after the advantages and disadvantages of these decisions were calibrated. The Body, through the Inspection Service, “audited and approved all steps followedBy giving a detailed analysis of the operation, which was “never denied by the allegations”, he tried to “ignore it in an unnecessary attempt to ignore such convincing data”.
In its sentence, the Supreme Court recalls the inconsistencies between the expert reports of the accusation and the defenses, but influences the disagreements among the experts who criticize the management of the Bankia executives.
Supreme Court support for National Court decision Supports Rodrigo Rato’s managementAn operation that has been responsible for the asset since the integration process “due to decisions taken by the economic authorities without any initiative of the suspect”.
The decision of the National Supreme Court, the Supreme Court continued, “in respect of any of the defendants, wrong or fraudulent behavior in the process The IPO”, however, acknowledges that “other considerations are possible, such as those coming to support the experts suggested by the claims.”
together with Rato, 34 acquittals These include José Manuel Fernández Norniella, former managing director of Bankia; former vice president of the organization José Luis Olivas and his successor Francisco Verdú; former Interior Minister Angel Acebes; Sergio Durá, controller of Bankia, and Francisco Celma, audit partner of Deloitte.