The National court proceeds with the trial of exdirectivos Abengoa – Investing.com Spain

MADRID (Reuters) – A judge of the National court stayed on Friday the investigation by the administration unfair for a number of senior executives of Abengoa (MC:), among them the former president and son of the founder of the company, for the payment of compensation in multi-million moments in which the multinational seville sank into a crisis that almost ended in bankruptcy.

In an order released Friday by the court, the holder of the case Carmen Lamela reminds that the compensation of 11.5 million euros and 4.5 million euros were granted to the former president of Abengoa, Felipe Benjumea, and the former ceo Manuel Sánchez Ortega, occurred in a time when the company was experiencing financial problems and stresses that none of the two divested itself fully of the company.

“it does Not seem commensurate with the business results of the company, whose actions, only a few months before (November, 2014) had its lowest value since June 2013″, picks up the car, which also investigates several exconsejeros of Abengoa, among them also former president Antonio Fornieles, for the same crime, punishable in Spain with up to 6 years in prison.

however, Lamela exonerated Sanchez Ortega of the crime of insider trading related to the taking of short positions in the shares of Abengoa on the part of Blackrock (NYSE:), the giant us investor which he joined the Spanish executive after leaving Abengoa.

The judge noted that there were sufficient evidence and that BlackRock only took short positions in Abengoa in the month of August 2015, “which by itself does not imply that Mr. Sánchez Ortega would have offered any type of privileged information”.

The parties will now have ten days to request the opening of oral proceedings or the dismissal of the cause, or further enforcement.

Abengoa continues immersed still in the process of restructuring its business after bless last November rescue plan of its major creditors.

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