(updated with the reaction of Bankia)
Madrid, Feb 13 (EFE) .- A judge of the Spanish National Court today imposed a bail of eight hundred million euros to several exdirectivos of Bankia, among including the former director IMF Managing and president of the organization, Rodrigo Rato, for alleged irregularities in its IPO.
With such bond they try to cope with potential liability for damages caused to those who attended buy shares in its IPO, which took place in July 2011.
The judge Fernando Andreu today issued an order in which requests finances Rato, who was managing director of the IMF and former economy minister Spanish, and their main partners in the direction of Bankia, including former vice president of the José Manuel Olivas entity and the former CEO Francisco Verdú.
According to the judge, the analysis that questioned the accounts with Bankia went public follows an offense under the Criminal Code punishes those as “stewards of fact or law to a radio company values, falsify economic and financial information contained in the prospectuses of any financial instruments, in order to attract investors or depositors. “
A report met early last December prepared by two experts from the Bank of Spain concluded that Bankia accounts and its parent BFA in 2011, the last full Rodrigo Rato as president of the group, did not reflect “the true image of these entities” at the time of its IPO.
The National Court investigates the accounts of the entity that had to receive in 2012 a injection of public money estimated at nearly 18,000 million euros to alleviate the accounting hole.
According to the judge, was not truthful explanation contained in the information brochure for retail investors in the IPO.
The eight hundred million euro deposit derived from the six hundred placed among retail investors more third established by law for civil securities.
However, Judge Andreu recalls that the law will expand or reduce the bail, according to the evolution of the judicial process.
A few hours after hearing the judge’s decision, Bankia announced it will appeal the bail of 800 million euros and will to defend the entity and its shareholders, including taxpayers, since most of its capital remains in state hands.
The amount for deposit must be filed within one month, with the warning that if it is not done at the time fixed, the garnishee shall be ordered up to the quantity displayed. EFE
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