Former bank boss jailed for siphoning off millions

25th November 2005, Comments 0 comments

25 November 2005, MADRID — The former chairman of one of Spain's biggest banks has been jailed for channelling millions of euros of bank money into offshore accounts.

25 November 2005

MADRID — The former chairman of one of Spain's biggest banks has been jailed for channelling millions of euros of bank money into offshore accounts.

Emilio Ybarra, one-time co-chairman of Banco Bilbao Vizcaya Argentaria (BBVA) was jailed for six months prison for embezzlement of EUR 19.2 million.

The cash was siphoned off into secret accounts.

The sentence was handed down by Spain's high court, the Audiencia Nacional, which admitted the mitigating factors of reparation of damages and confession.

The public prosecutor had asked for a four-year term for Ybarra's role in creating the offshore accounts, which did not appear on the bank's balance sheet until 2000.

[Copyright EFE with Expatica]

Subject: Spanish news

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