The entity created in 2011 in the context of the financial crisis to guarantee the funds of banks and savings banks, and who has exercised the private prosecution in almost all CAM processes, refutes Judge María Tardón’s decision to archive by prescription the investigations that were opened in 2015 on financing for the land purchase fund. Operations from which a series of businessmen would have benefited, causing the entity a loss of around 500 million, according to the Fund, relying on reports from the Bank of Spain.
To file, the judge relied on that the operation denounced by the Fund had been investigated under the legal classification of unfair administration, a crime that in the old wording of the Penal Code prescribed after five years. The operations were carried out between 2004 and 2009.
The criterion is shared by the Anticorruption Prosecutor’s Office, which also interprets individual operations as various unfair administration crimes instead of doing it as one continued. Or even a charge of misappropriation, whose statute of limitations is one decade, thereby saving the statute of limitations what has led to give folder to the cause.
The Fund maintains on the contrary that «it is possible to include the actions of the directors of the CAM and of TIP (the investee of the savings bank through which the operations were carried out) in a crime of misappropriation, which would lead, taking into account the aggravation of the amount, to a limitation period of ten years ”.
The FGD maintains that “the operation continued, the authors taking advantage of their organic position in the box”
Regarding the events denounced, he asserts in his appeal that “they did not emerge in several independent operations, as the prosecutor says, but were continued over time, the authors taking advantage of their organic position in CAM.” And quotes a report from Bank of Spain where statements are made such as that “in ten of the eleven operations analyzed, the study of solvency is superficial; that “in most cases the guidelines established by the fund regarding the contribution of minimum funds by promoters / partners of the entity were not complied with; or what “Various principles and rules of the Risk Policy were also systematically breached.” Conclusions that would support the thesis that it was not “something occasional or isolated.”
The Fund insists on “the seriousness of the damage” that this operation has caused: 500 million that would be part of the 5,249 that it had to inject into the box to be later awarded to Sabadell for one euro.
The investigations of the piece called TIP-soil focus on three companies: Nyesa Pirineos, Emporio Mediterráneo (of the Ballester Group) and Huéznar. The first of these was the most scandalous since, according to the complaint filed by the Fund, CAM paid its partners in this company up to 33.5 million for land that initially cost 1.3 million.
The events date back to 2004 when the Aragonese construction company Nyesa acquired some land in Biescas (Huesca) for the aforementioned 1.3 million to promote a housing complex and golf courses. In December of that same year, Nyesa Gestión sold the land to another company in the group, Nyesa Pirineos, for a surprising amount of 46.8 million, and for this it requested a loan of 32.7 million from the CAM.
The problem came when in 2009, after the bursting of the real estate bubble, the firm could not pay the loan and the savings bank agreed to keep the land for 33.5 million, even more than what it loaned, to avoid default. The end result, as calculated by the Bank of Spain, is that the partners of the savings bank in this business earned 1.4 million while the entity assumed the losses.
Something similar happened with the Emporio Mediterráneo firm, set up to promote three apartment towers in Benidorm. In addition to TIP, Ecisa, Valenciana 89 and Edificaciones Calpe, owned by the Ballester family, which was the one that initially bought the land, participated in the business. He paid 23 million for them and resold them to the joint venture for 42.2 million.
Among those investigated in this process are the former directors of the CAM Roberto López Abad and Daniel Gil, former heads of TIP and other entities of the savings bank, and the businessmen who carried out the operations.
Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.