Wed. Feb 19th, 2020

Ron will have to pay back his bonus of 12.8 million Popular

A court in Madrid has decided that the former president of Banco Popular Ángel Ron must return the amount he has already received from the compensation of 12.8 million euros for his departure from the bank, thus giving the reason to Santander, which was made entity at the price of one euro. The court of first instance n 47 has fully estimated a claim filed by the Popular (now Santander), and has condemned Ron to pay Mapfre, the insurance company of the contract, 13,093.92 euros corresponding to the remuneration.

Said remuneration was collected in advance in the first quarter of 2017 "without having effectively held the position of director" since February 20 of that year, plus interest. It also condemns you to return, for the application of the so-called "clawback" or retroactive clause, by which a manager may be required to return part of his variable remuneration, that corresponding to the 2013 and 2014 years charged 2015 and 2016, a total of 215,546.33 euros. In the same way, the court understands that it is appropriate to apply the so-called "malus" clause for reducing incentives on the variable remuneration of 2014 pending collection, 42,600 euros and 10,216 shares of the bank, and on the pre-retirement of the banker, regulated by a policy Revenue insurance signed with Mapfre, which is exempt from payment obligations. The sentence is not firm, and Ron has 20 business days to file an appeal. In June 2017, just ten days after the liquidation of the Popular and its sale to Santander at the price of one euro, the Social Court number 33 of Madrid dismissed Ron's claim against the entity he led for more than a decade, to which he claimed compensation for unfair dismissal after leaving office in February of that year.

On June 7, 2017, at the request of the Single Resolution Board (JUR), the Banking Ordinance Restructuring Fund (FROB) liquidated the Popular, amortized the value of its shares to zero and sold it to Santander at the price of one euro . Just three months later, the judge of the National Court Fernando Andreu admitted the complaints against the last two presidents of the Popular, Ángel Ron and Emilio Saracho, their respective councils and the PwC auditor.

. (tagsToTranslate) Ron (t) return (t) cashed (t) millions (t) Popular

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