Five CAM bank directors arrested
Thursday, November 7, 2013 @ 1:23 AM
A NATIONAL Court judge has ordered the arrest of the former CAM bank's managing director and four other members of the board in connection with alleged illegalities in their management of the Comunidad Valenciana-based financial institution.
The CAM has now been swallowed up by Banco Sabadell, but during its presence on the high street as a savings bank, managing director Roberto López Abad and director Daniel Gil are said to have obtained 'personal benefit' from a five banking operations jointly with a shareholder, Valfensal.
They are believed to have used the sales and purchases of three hotels and the acquisition of two plots of land in México and the Dominican Republic as a front for illicitly transferring funds from the CAM to Valfensal.
And the investigations say the board of directors deliberately carried out transactions which they knew the bank's assets could not cope with, for their own benefit, which would cause financial loss to creditors, customers and shareholders.
Read more at thinkSPAIN.com