How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Thursday 24 April 2014
- Things that have annoyed me this week
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Pensioners 'misled' by Co-op Bank
- UK Inflation no problem for Governor Carney
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
Former CAM Bank Executives accused of fraud
The former director general of Caja Mediterráneo (CAM) and the chief of its business divisions diverted funds from the lender to tax havens for their own profit and that of their associates, according to a lawsuit presented at the High Court by the current board.
Roberto López Abad and Daniel Gil Mallebrera stand accused of siphoning funds from the lender through Valfensal, a tourism promotion company 30% owned by CAM. The other 70% is controlled by hotel group Mar Confort, headed by Juan Vicente Ferri.
CAM was bailed out by the state subsequently nationalized after an audit by Deloitte. Included in the suit, the Deloitte report states that Ferri warned Gil that giving out information on Valfensal "could see you jailed."
Both Gil and López Abad, as well as the state Orderly Bank Restructuring Fund (FROB), which provided the funds for the CAM bailout, accuse Ferri and José Salvador Baldó, partners in Mar Confort, of embezzlement and fraudulent administration.
According to Deloitte, the four executives enjoyed "a notable personal and commercial proximity." The FROB complaint states that the directors benefited from "an obscure zone of management" that allowed them to lend money to Valfensal without projects without CAM requesting any independent evaluation of the deals.
The FROB has identified 5 projects that were financed in this way.
Latest News & Stories
- Bankinter profit rise sets positive tone for Spain's banks
- Catalan leader to call independence vote despite Madrid resistance
- Spain "Violated Human Rights of Illegal Immigrants" : ECHR
- Spain to cut 2014 net debt issuance on higher tax revenue
- A fifth of British expats in Spain left last year
- Spain investigates offensive Twitter account
- Spain Easter road deaths up on 2013
- Poll finds Spain disapproves of homosexuality the least
- Orange Spain preparing new ADSL price reduction
- Gibraltar Fire Halts Easter Sunday Gambling