Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spain probes ex-bank directors suspected of misusing company credit cards

Source: Reuters - Thu 2th Oct 2014
Spain probes ex-bank directors suspected of misusing company credit cards

Spanish authorities are investigating dozens of former executives and board members of former Spanish savings bank Caja Madrid over the alleged use of company credit cards for personal expenses such as clothing, food and trips, two sources familiar with the matter said.

Caja Madrid was folded into banking conglomerate Bankia in 2010, which two years later accepted the biggest state bailout of a Spanish bank and became the symbol of the country's financial crisis.

It is still controlled by the government through state bank restructuring fund FROB.

Former Caja Madrid chairman Miguel Blesa and his successor at Bankia, Rodrigo Rato - a former Partido Popular minister and managing director of the International Monetary Fund - are among 86 directors being probed, sources with knowledge of the matter said on Thursday.

"We discovered the issue earlier this year and informed the public prosecutor and FROB around June," a Bankia source said.

Some EU15.5 Mln of company funds is believed to have been spent inappropriately, the sources said, citing a Bankia report to Spanish authorities.

Spanish High Court judge Fernando Andreu has included the issue in an ongoing probe into how Bankia was managed in the run-up to its share market flotation in 2011, a year before it nearly collapsed.

Bankia also asked those who allegedly spent company money on personal expenses to pay it back, and recovered EU197,000 in less than a week. It is not seeking repayment of the remaining funds, which were spent at Caja Madrid.

The regional government of Madrid dismissed on Thursday its managing director for economy, Pablo Abejas Suarez, a former Caja Madrid executive who is among the accused of credit card misuse, a government source said.

So far probes into failed Spanish savings banks have only yielded convictions in the case of one small savings bank, Caixa Penedes.

Recommended Reading :

* EC Chief : Bank of Spain's poor supervision fueled crisis

* Spanish court makes first conviction of bankers since start of crisis

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

 
When shopping for bodyjewelrytips, never buy anything that has nickel. The best type of material is the steel, titanium, wood, anodized gold or gold. Most nickel products will rust and may infect your ear. If you have pierced the naval or eye, you do not need to worry, as that is the most versatile part of the body. You can wear rings, straight, curved or fancy and captive beads. There are many leading body piercing jewelry that offer some of the biggest collection at very affordable price. In regard to shopping, always go to a wholesale shape as that is the sure place of getting any type of body piercing jewelry. The only thing that you need to be careful about is the material used to make the jewelry. There are instances when body piercing might go wrong and the result is an infection. In order to avoid this, make sure that the person doing the piercing is qualified to do so. After piercing is done Bodys piercing trends, you should keep the area sterilized and clean. Use warm water to wipe dirt. Never use spirits as they will corrode the area resulting to a wound which might cause an infection.