Goods seized two former directors of Abengoa – The Economist

The judge of the Spanish National Court, Carmen Lamela, has decreed the seizure of property and bank accounts of the former president of Abengoa, Felipe Benjumea, and former CEO, Manuel Sanchez Ortega.

A Spanish judge on Wednesday ordered the seizure of assets of two former executives of the energy group Abengoa, on the verge of bankruptcy, to cover the guarantees imposed on them in the framework of a investigation for alleged “crimes of unfair administration and insider information.”

The judge of the Audiencia Nacional, the main Spanish criminal court, Carmen Lamela, has decreed the seizure of property and bank accounts of former president Abengoa, Felipe Benjumea, and former CEO, Manuel Sanchez Ortega, judicial sources

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Lamela judge made the decision after checking that Benjumea had not paid his bail of 11.5 million euros, or 4.5 million Sanchez imposed to cover their civil responsibilities.

In the case of Benjumea, the judge has forbidden you to use or dispose of several houses and plots of land, as well as five cars and a motorcycle, plus twelve block her bank accounts.

Sanchez has seen the judge was blocking a house, luxury car and an account in your name.

The Lamela investigating judge at the request of the prosecution, two exdirectivos for alleged “crimes of unfair management and insider trading”, considering that the mismanagement as they were at the head of Abengoa could be a crime of abuse of confidence.

Both left the group before it filed for preconcurso of creditors on November 25 and charged compensation for the same amount Judge claiming them as security (11.5 and 4.5 million euros)

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Prosecutors also suspect that Sánchez Ortega, who joined the US asset manager Blackrock, revealed his new company privileged information that would have allowed him to speculate on the floor with Abengoa’s shares.

This group, before emblemáico of green energy in Spain and a strong presence in Latin America, it has until March 28 to agree to a restructuring of its huge debt with creditors.

If this fails, it would be one of major bankruptcies recorded in Spain.

ERP