Eight years after the intervention began, the Official State Gazette (BOE) published the first strict sanctions against those responsible for the losses at Mediterranean Box (CAM) during a period of administration. The sanctions target 28 directors and members of the control committee who chose not to object, while a second group of twenty others, including former CAM chief executives Roberto López and María Dolores Amorós, the former president Modesto Crespo, will submit their arguments. This marks the first wave of penalties tied to the CAM saga, and the process continues as appeals unfold.
The fines issued by the BOE on Thursday show a wide variance. The amounts range from a low of 440 euros to a maximum of 37,500 euros per person, depending on the responsible institution and the length of service. The biggest penalties go to individuals who sit on the board as well as another governing body, such as the executive committee, resulting in a double sanction. The first sanction reflects a very serious fault involving deficiencies in organizational structure, internal controls, and related administrative and accounting procedures that undermine risk management and solvency. The second sanction, also classified as very serious, covers accounting irregularities that obstruct clear visibility into the company’s patrimonial and financial condition.
Bank of Spain files previous heads of CAM
This double sanction affects up to nine managers. Among them, vice presidents Angel Martinez and Benito Nemesio face fines of 30,300 and 29,700 euros respectively for both sanctions. Consultants Manuel Muelas and Susana Mestre each face 21,300 euros. John Pacheco Carillo, Rosana Peran from Elche, Aniceto Benito, Enrique Puig, Salvador Pilas, and others are listed with varying totals, the largest reaching 37,500 euros for dual concepts. The list illustrates a tiered approach that targets both leadership and oversight roles within CAM.
A second group of eight executives is required to answer only the first violation, focusing on deficiencies in risk control that, according to the auditor, contributed to the Alicante organization’s collapse. Among them, Gregory Fernandez faces a 3,500 euro penalty; Pedro Joan Devesa, a hotelier, receives 16,000 euros; Natalia Caballe is assessed 6,180 euros; Manuel Navarro, a trade unionist, 6,300; councilors Angel Oscar Strada and Elias Rodriguez each 3,600 or 6,300; Rachel Paez and Natalie Ferrando are listed at 3,600 and 6,300 respectively. These penalties reflect serious concerns about risk oversight and its impact on the company’s health.
Meanwhile, penalties against control committee members for a very serious breach—persistent neglect in overseeing CAM’s internal audit—are comparatively smaller. Francisco Grau is fined 880 euros; José Manuel Unciow, 600; John Hernandez, 510; Isabel Cambronero, 1,200; Maria Asuncion Martinez, 680; Cesar Estrada, 450; Juan Ramon Gual, 464; Raul Serrano, 600; Jose Ruzafa, 510; Noelia’s Room, 510; and Maria Dolores Mataix face the minimum 440 euro penalties. The distribution highlights a distinction between roles and levels of responsibility within the governance framework of CAM.
At the time of the sanctions, the total amount for many was not yet fixed. Several individuals remained in appeal or awaiting trial, including CAM’s former general managers Roberto López and Maria Dolores Amorós, along with Modesto Crespo, the former president, and other figures connected to CAM’s leadership and consultancy profiles. The case continued to unfold as administrative and judicial avenues ran in parallel.
Bank of Spain fines on CAM executives reach up to half a million euros in a broader context of the intervention. Following CAM’s intervention on July 22, 2011, and the transfer of management to the Fund for Restructuring and Banking liabilites (FROB) with a bid won by Sabadell, the Bank of Spain initiated a sanctions process against board members, the control committee, and the savings bank’s management. The scrutiny intensified in early 2012 when the file was expanded to include 49 individuals affected by risk control irregularities identified between 2008 and 2011, a period prosecutors argued led to CAM’s bankruptcy. The process faced pauses as investigations navigated ordinary court proceedings that take precedence over administrative actions. The Bank of Spain’s actions eventually allowed CAM accounts to be corrected and the procedure reactivated in 2019. In May 2021, sanctions proposals were communicated to those most affected, with some penalties reaching up to 500,000 euros in the most serious cases. The BOE has since formalized the initial fines for 28 individuals after most affected chose not to appeal. This sequence underscores the complexity and scale of accountability in the CAM affair, spanning multiple years and legal avenues, and it reflects the Bank of Spain’s sustained focus on governance, risk control, and financial transparency across the organization.