A Spanish judge has imposed a civil solidarity bail Bankia, its president Rodrigo Rato, and several other defendants in the investigation of irregularities in the IPO of the company.
The National Court Judge Fernando Andreu has finally decided to impose a civil solidarity bond 800 million to those responsible for the IPO of Bankia about the possible damage to shareholders who attended his IPO.
In a stagecoach delivered Friday, Andreu given one month to pay, or garnish your bienenes by that amount to Bankia and its parent BFA and Rodrigo Rato, Francisco Verdú, José Manuel Olivas and Jose Manuel Fernandez Norniella.
A group of concerned minority shareholders who acquired about 230 million shares, filed a bail request that the judge has been studying all week after hearing the parties on Mondays.
Finally, the judge has decided to impose an obligation to strengthening solidarity to the two companies and the four exdirectivos cited “as responsible for the resolution adopted at the meeting of the board of Bankia” 15 June 2011 that “the financial statements that were incorporated in the prospectus” of the IPO and that according to legal experts was not faithful to reality.
approved
Affected requested a deposit of 4,112,000 euros to cover potential claims by 3.092 million euros capatados by Bankia in his jump to additional third floors and allowed by law.
Why 800 million?
The figure finally decided, argues judge, is “proportionate, appropriate and justified” and is the “third Partre of the amount invested by retailers accionsitas, this being 1,800 million euros” over a third of this amount. 800 million euros
The judge argues that “the precautionary measure does not call into question the economic and financial viability of Bankia” but argues that “this feasibility should be” precisely the fact that it has received 22,400 million euros in state aid .
The decision is to defend the thesis that minority shareholders are not professionals, large affected by the IPO, while obvious time-and in the absence of legal claims on their part -. the possible deception that institutional shareholders have suffered
Institutional shareholders
In this sense, most financial institutions that supported the IPO of Bankia have suggested that no They make claims such as Santander and Sabadell, while CaixaBank has decided not comment until we move through the judicial process.
Only Mapfre, among the great majority shareholders of the operation, has advanced that it could intermponer recupeerar prosecutions for money invested at the request of its shareholders in this regard.
With this hearing, the judge also lends credibility to the findings of expert witnesses-two inspectors from the Bank of Spain to commissioned the report which claimed that the entity did not present a true picture of their accounts in the IPO. In fact, the judge defends “the special relevance at this point has, and must have, the expert practiced.”
The judge argues that can say “quite categorically that the financial statements contained in the OPS brochure Bankia not express the true image of the state. “
The decision may be appealed within three days in court presiding Andreu or five, directly presenting an appeal to Audience Room National. Failure to thrive predictable resources, the six parties should sit down and negotiate payment assumes why each, probably in the form of guarantees.
The reasons for the CNMV
In its proceedings, the judge also warns that after request from the CNMV “to forward the file processed for admission to trading of Bankia with emphasis on reasoned decision” held “or the reasons that understood the CNMV that it was possible to form an informed judgment about the issuer “.
Andreu exposed, in fact, that” the risks identified in the aforementioned booklet have been in pure anecdotes in light of what happened a few months later “, since the collapse of Banco de Valencia, that “was not sanitized by its parent Bankia but under the money FROB” qualifies until nationalization and rescue prpia entity “under the state money amounting to 23,500 million euros”.
“As is obvious from such facts shall be accountable few people contributed to the creation and matneimiento such fiction,” continued the judge.
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