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Former head of CAM Bank claims €10 Mln compensation

Source: El Pais - Sat 25th Feb 2012
Former head of CAM Bank claims €10 Mln compensation

Lawyers acting for María Dolores Amorós, the former Director and General Manager of Spain's CAM Bank, are seeking €10 Mln compensation for her dismissal shortly after being taken over by the Bank of Spain last year.

Shortly after being 'rescued' administrators found that she had awarded herself an annual pension of €369,497 without the knowledge of shareholders and other senior managers at the Bank.

The Bank of Spain needed to make an immediate injection of €2.8 billion of public money to keep the Bank afloat after failing the last round of EU stress tests last summer. The Bank booked a loss of €2.713 billion for 2012 and is in the process of being taken over by Banco Sabadell, which was awarded the lender in a public tender for just €1.

Amorós' lawyers claim her sacking breached her fundamental rights to personal and professional dignity, and that she is either reinstated or awarded severance pay for loss of earnigs together with a further sum by way of compensation for her long career at the bank, including 10 years in management, totalling around €10m

The Bank's legal team rejected all of Amorós' claims, arguing that her letter of dismissal complied with the labor laws in effect at the time, and also respected the rights afforded her by the Constitution.

Other CAM employees, notably President Modesto Crespo, and General Manager Roberto López Abad, along with four other senior board members, awarded themselves early retirement and golden handshake packages worth a combined €12.8 Mln shortly before the Bank of Spain was forced into assuming control of the lender.

The governor of the Bank of Spain, Miguel Ángel Fernández Ordóñez, told the press "It is easy to understand why people are outraged by what has happened here."

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