Cesce paid 106 million in compensation for its coverage to Isolux Corsan in the last two years

Cesce paid 106 million in compensation for its coverage to Isolux Corsan in the last two years



This is stated in the 'Inspection Report of the Reserve Fund for the risks of internationalization, exercise 2017' carried out by the Court of Accounts, to which Europa Press has had access, and which records that at 31 December 2016 this entity had assumed risk on behalf of the State with this group for 133.8 million euros.

This risk corresponded to 15 policies of the guarantor insurance modality due to the risk of execution of the bond, subscribed with four financial entities. Up to September 2018, Cesce paid indemnities to three financial entities for 14 of these policies, having practically executed all the guarantees included in this coverage.

The amount of indemnities paid in 2017 was 30.3 million euros, 24.4 million dollars and 3.1 million pounds, and in 2018, up to September 30, of 13.8 million euros and 40.2 million dollars.

Before being executed, the Commission for Risks on Account of the State (CRE) had to approve for the majority of guarantees the extension of the duration of the insurance, given the delay of the works, charging a complementary premium. All the processing of claims, as well as the payment of compensation, ensure the Court, was carried out in accordance with the provisions of the applicable rules.

GUARANTEE AN AGREEMENT, WITH REMOVAL, BY WHICH 3 MILLION RECOVERED

The audit carried out by the Court of Auditors on these actions includes an agreement between June and July 2017 that contemplated the transfer of Isolux's contractual position in two projects, for which it received 39.7 million euros in exchange, which would be allocated to the payment of debt for 145.5 million.

This agreement was derived from two policies – compensation of 600,444 euros for the first, and 9.1 million euros and 1.9 million euros for the second – for which the insured bank requested Cesce authorization.

The agreement, which envisaged a debt write-off, and which counted on the approval of the Commercial Court and the Ministry of Economy and Competitiveness, involved the recovery of 3.15 million euros. If not approved, the Court notes, the debt would have been included in the list of creditors, for which Cesce estimated approximately an approximate recovery of between 145,061 euros and 31,333 euros.

Cesce is a state mercantile company, majority owned by the State, with a 50.25% share of its capital stock. The remaining shareholders are Grupo Banco Santander, with a participation of 23.88%, BBVA, with 16.30%, other banks, with 5.67%, and other insurance companies, with 3.90%.

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