News Spain
The IPO Bankia was “fraudulent” because the group accounts since it was set up the reformulation following the resignation of Rodrigo Rato as president-what output includes not express an image bag- faithful, according to legal experts they have insisted.
In a new brief that sent the judge Fernando Andreu , inspectors assigned by Bank Spain confirm its conclusions that had already advanced in December 2014, and which are different from those that have exposed other experts in the summary, both hired by Rodrigo Rato such as Bankia, and even rescue fund of the Spanish banking (FROB).
The new report provided by the legal experts of the Bank of Spain, Victor Sanchez and Antonio Busquets , the judge occurs because the magistrate asked to make a final assessment to extend, modify, clarify or to correct what they had done –
in this new Sanchez and Busquets report reiterate that the Bankia IPO was “fraudulent” and add something new. The financial statements presented by the jump to the floors included a loan loss provisions of EUR 6,913 million both experts consider “false”.
According to experts, this information was used by the entity, its directors and executives as “commercial argument to convey to potential buyers of shares a misconception of investment security “.
The experts indicate that provisions for insolvency disappeared at the same time Caja Madrid, Bancaja and five other entities that formed Bankia -including Case Laietana – decided to join the SIP (cold fusion). “The consolidated financial statements of Bankia at 30 June 2011 and subsequent fair value adjustments IAPA masquerades as provisions for bad debts, which is clear case of accounting fraud “sentencing court experts.
This new report will be decisive for the National Court concluded the investigation and decide if you open trial and sit on the dock in the old dome of Bankia, led by Rodrigo Rato, who could face a penalty of six years in prison for providing erroneous data in the brochures of the IPO, second establishing the Criminal Code.
source Ara.cat
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