Telefonica boss escapes insider trading charges

4th November 2005, Comments 0 comments

4 November 2005, MADRID — A court in Madrid has put on file a case of alleged insider trading against Telefonica chairman Cesar Alierta.

4 November 2005

MADRID — A court in Madrid has put on file a case of alleged insider trading against Telefonica chairman Cesar Alierta.

Alierta was accused of using privileged information to win a pay-out of EUR 1.86 million.

The charges dates back to when Alierta, now head of Spain's biggest company, was the head of the tobacco firm, which became Altadis.

The charges claimed Alierta helped his nephew to buy shares in Tabacalera in 1997, just before the tobacco firm bought U.S. cigar manufacturer Havatampa in 1997.

Alierta consistently denied any wrongdoing.

The case had expired, court sources said.

[Copyright EFE with Expatica]

Subject: Spanish news

 

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