Botin on trial for multi-million euro credit fraud

23rd November 2006, Comments 0 comments

23 November 2006, MADRID — The head of Spain's biggest bank, Emilio Botin, went on trial on Thursday accused of a multi-million fraud.

23 November 2006

MADRID — The head of Spain's biggest bank, Emilio Botin, went on trial on Thursday accused of a multi-million fraud.

Botin is accused with four directors of Banco Santander and twenty clients of the bank.

Botin and the other defendants are accused of one count of falsifying official documents, three counts of falsifying a mercantile document and other 30 charges against the Treasury.

But in the case of some of the charges, the prosecutor has asked for a stay of proceedings.

Despite the fact the public prosecutor did not want to go ahead with the case against Botin and other defendants, a private prosecution is also being brought by the Association for the Defence of the Investor and Clients (ADIC).

ADIC has called for Botin and the executives Rodrigo Echenique, José Ignacio Uclés and Ricardo Alonso Clavel to serve up to 180 years for crimes against the Treasury in 1989.

ADIC claimed this was the "biggest fraud ever committed in Spain".

The Banco Santander has earlier denied the charges, claiming the actions of Botin and others were legal.

The case was originally brought after claims made by the businessman José María Ruiz-Mateos in connection with credit transfers totalling EUR 2.4 billion between 1987 and 1991.

[Copyright EFE with Expatica]

Subject: Spanish news

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