Former chiefs of the Spanish bank Bankia on trial for theft
One of the reasons the Spanish Government requested financial aid for its banking system is the Bankia case. The former chiefs of the bank are accused of falsifying data.
06 Iulie 2012, 08:04
For the first time in Spain since the beginning of the crisis, the former leadership of a bank will be tried for theft.
33 former members of the Administrative Committee have been accused of several offences.
The judges of the National Audience Court, the competent authority in matters of terrorism, organized crime and economic offences involving the national economy, will try the former leaders of Bankia from the financial restructuring and the cessation of the stock exchange.
The Spanish justice accepted the complaint forwarded by the Anticorruption Committee and the Union, Progress and Democracy minority party.
The former chiefs of Banika face charges of falsifying data when the bank started to pay its dues to the stock exchange.
The prosecutors believe that the leadership of the bank was aware of the disastrous situation, but began to pay their dues to the stock exchange in order to attract funds from new investors.
Bankia has 11 million clients and it’s the first nationalized bank and the one most in need of most of the money from the EU saving funds.
On the other hand, the Government, which has yet to reach a decision on this trial due to start in the latter part of July, is preparing new austerity measures in order to reduce the budgetary deficit.
One of the reasons that the Spanish Government requested financial aid from the EU for its entire banking system is precisely the Bankia case.
Translated by Vlad Nichita
MTTLC, Bucharest University
