Bankia Shares: Deposit of 800 million

bankia actions

The Judge Andreu has set bail 800 million to the ancient dome on your Auto Bankia 13 February 2015.

It requires a Bankia, BFA, Rodrigo Rato, Francisco Verdú, José Manuel Olivas and Jose Manuel Fernandez Norniella to, within a month, in solidarity, submit deposit 800 million. Failure to do their property to cover that amount embargarían.

Against this car, reform can be appealed within three days, or appeal to the High Court in five.

The Auto mainly focuses on the process of IPO in the Public Offering of Shares of Bankia and the same include the following ideas:

1.- The OPS was presented as a operation mere strengthening of own resources.

2.- Bankia presented with promising benefits and a healthy solvency.

3.- Surprisingly, the CNMV authorize an IPO of a company newly established, lacking consolidated accounts duly audited prior years: The RD 1310/2005 of 4 November, requires the issuer the contribution of the last three years of their annual audited accounts so that you can authorize its IPO. Only allows exceptions to this rule in the interests of the issuer or investors, provided they have the necessary information to make an informed judgment about the issuer.

4.- The financial position reflected in the Prospectus:

"Had little or nothing to do with the actual, as evidenced weeks after ". "The grand claims of the Board (today and substituted) contained in the Management Report and even optimism Brochure on the goodness of the operation contrasted vividly with the reality of things ".

5.- The rescue of the entity It has cost 23.500 million to the State (about 500 euros Spanish citizen).

6.- Responsibility for the Prospectus, ex art. 33 of RD 1310/2005 It is therefore action or omission.

7.- Highlights the conclusions of the experts of the Bank of Spain:

  • D. Antonio Busquets: The financial statements of Bankia not express their true image.
  • D. Victor Sanchez: Accounts, not comply with the regulations of the Bank of Spain, Circular 4/2004 and Circular 3/2008 Bank of Spain due to the existence of accounting errors.

8.- The report made to Bankia by D. Leandro Cañibano, does not contradict previous findings: It says that it has complied with the regulations applicable to the filing of the Prospectus, but that is not the question under discussion: The key is that the accounts do not reflect the true picture of the entity.

9.- Of the action taken be inferred that prima facie the alleged commission of a crime of falsification of financial economic information enshrined in Article 282 bis of the Penal Code.

10.- The falsity of the information produces a result detrimental to investors and quotes extensively about the judgment of the Provincial Court (section 9) de Valencia 29 December 2014.

How does subscribers?

The most important effect for subscribers Bankia shares in the tender offer is that this "Appearance of good law" makes it extremely difficult for, if claiming in court, You could lose together with costs. It would be very remote possibility of losing and harder still being condemned to pay the costs. Article 394 provides that the judge did not impose the costs if appreciates that the case raises serious questions of fact or law. In view of all decisions issued on the subject, Clearly the existence of, the less "questions of fact or law": ultimately, You can claim a greater "tranquility" and less uncertainty.

Very important: The 28 February 2015 close the deadline for the pent-up demand Share Bankia. Few days left to register.


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