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

Spanish police arrest dozens in EU250 Mln corruption case

Source: Reuters - Mon 27th Oct 2014
Spanish police arrest dozens in EU250 Mln corruption case

Spanish police have arrested 51 people as part of a graft investigation involving local government construction contracts, the anti-corruption prosecutor's office said on Monday.

The investigation, "Operation Punica" -- centred around town halls mainly in the regions of Madrid, Murcia, Leon and Valencia - is one of numerous corruption scandals that have hit Spain's mainstream political parties and many bankers in recent months.

"The collusion between local councillors and civil servants, with builders and energy service companies, and the corruption of middle-men and key companies, has helped them to secure contracts worth around EU250 Mln in the last 2 years alone," the prosecutor said in a statement.

A judicial source said one of those arrested was Francisco Granados, a former conservative deputy president of the Madrid region who resigned in February after it was revealed he had millions of euros in a Swiss bank account.

Information from Switzerland has helped Operation Punica, and investigators have issued search warrants on 259 properties, 400 banks, companies and insurers, blocked current accounts and assets and embargoed 30 vehicles.

Recommended Reading :

* 95% of Spaniards see corruption as institutionalized

* "Spain is NOT Corrupt" : Rajoy