Two major accusations implicated after a high-profile case surrounding a bank, with the National Court examining alleged fraud and breaches of information duties toward investors. The 2012 capital increase was framed by supporters as a notable success for the bank’s expansion, a claim now scrutinized within the judicial process.
Legal sources disclosed that Jacobo González-Robatto, the former corporate and financial director, and José Ramón Rodríguez, the former chairman of the Audit Commission, contended that their statements as defendants before judge Santiago Pedraz should be given no weight. The central issue concerns expansion efforts conducted without explicit approval from the Bank of Spain.
González-Robatto recalled that it was the Bank of Spain itself that prompted Popular to recapitalize as a result of agreements within the European Union. The former executive responsible for the marketing brochure defended its content, describing it as precise, detailed, and informative in nature.
The ruling by the Central Instruction Court No. 5 highlighted omissions and biased, misrepresented information in the capital-raising process, arguing that such actions breached information-disclosure duties designed to safeguard market transparency.
In this context, the former finance director emphasized that the National Securities Market Commission did not issue formal observations about the brochure. He noted that such regulatory bodies typically issue clarifications or corrections in similar operations, which he found unusual in this case.
Audited by PWC and reviewed by Deloitte
González-Robatto asserted that the expansion was successful because the bank could not meet investor demand for shares. He claimed that investors stood to gain substantial returns whenever the operation materialized.
Other sources indicated that the two former directors recalled the transaction was audited by PwC and subsequently reviewed in depth by Deloitte. From their perspective, the expansion reflected Popular’s authentic image at the time, countering the claims of those pressing charges.
To defend the affordability of the expansion, one defendant argued that a €1,000 investment could yield nearly €2,500 by the end of 2013, suggesting favorable outcomes for participants.
The version presented by González-Robatto and Rodríguez aligned with a report issued last October by former Banco Popular chairman Ángel Ron, who denied irregularities in the capital increase and stated that the accompanying brochure was valid and transparent. He described the information as open and reliable.
Ron later commented that it was the Bank of Spain that asked Popular to capitalize, and that the execution plan received approval from both the central bank and the European Commission, after which it was implemented. He spoke to reporters after leaving the courthouse.
On the same day, the judge also heard statements from former vice president Roberto Higuera, as well as Ron, regarding the entity. Higuera asserted that all operations were carried out correctly, and noted that the 2012 annual accounts, including Banco Pastor, were audited by PwC rather than Deloitte.