Telecoms boss accused of stealing EUR 1.58m

16th December 2004, Comments 0 comments

16 December 2004, MADRID- The former president of a major national telecommunications company has resigned after allegedly pocketing EUR 1.58 million of company money.

16 December 2004

MADRID- The former president of a major national telecommunications company has resigned after allegedly pocketing EUR 1.58 million of company money.

Juan Bautista Pérez Aparicio allegedly received the cash in early 2002 when he was the president of the company.

The Spanish stock market regulator CNMV said it had been informed of the allegations.

The resignation comes as Pérez Aparicio is on trial along with two other former high-ranking members of the same company in connection with alleged financial irregularities.

Avanzit suffered along with many other Spanish telecommunications companies to survive in a tough market in 2000. It was forced to suspend payments.

In December last year, it was suspended from trading because it could not repay debts. It was threatened with being withdrawn from the Spanish Bolsa, or stock exchange.

The company had to revise its business in 2002 and 2003, making large losses.

In July this year, it was allowed to return to trading on the Bolsa after seven months of suspension.

[Copyright EFE with Expatica]

Subject: Spanish news

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