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Four Bank Directors Investigated For 'Illegal Activity'

Sat 26th Nov 2011

Spain's Caixa Penedes has sacked 2 Directors and has launched an investigation into 2 former senior executives over claims that they have fraudulently invested 20 million euros into their personal pension funds.

The Bank's Board bank had requested the resignantion of the President, Ricard Pages, and General Director Manuel Troyano.

The decision was made following notification that the state prosecutor for the northeastern region of Catalonia revealed the were investigating all four on suspicion of involvement in illegal activity.

Caixa Penedes, who is part of the Banco Mare Nostrum, S.A. (BMN) group, along with Cajamurcia, CajaGRANADA and SA NOSTRA, received 916 million euros in aid aid from the Bank of Spain's FROB fund.

Caixa Penedes said its board had serious concerns over the size and nature of the package which the four Directors had chosen to award themselves. The pension funds were created in a serparate institution without the knowledge of the board.

Ignacio Fernandez Toxo, spokesman for the CCOO Union, said that if the money could be recovered it could help offset the 45 million euro savings BMN had recently announced it would attempt to save in salary cutting measures.

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