Saracho opens Wednesday the statements for the management of Popular

The former president of the Popular Bank Emilio Saracho appears before the National Court on Wednesday as an investigator for the alleged irregularities in the management of the entity, which has required two years to start the first round of citations given its complexity.

According to the calendar issued last June, the head of the central Court of Instruction number 4, José Luis Calama, reserves two days to complete the banker's declaration, which will be followed by his predecessor in the Popular, Ángel Ron, and former CEOs Francisco Gómez and Roberto Higuera.

The case dates back to 2017, year in which Europe, through the Single Resolution Board (JUR), resolves the Popular given its situation of "bankruptcy or near bankruptcy", and agrees to its subsequent sale at the balance price to Banco Santander.

The decision triggered a wave of legal actions by shareholders and holders of subordinated debt, affected by the zeroing of their investments, which brought the operation before the Spanish and community courts, including criminal proceedings.

In October 2017, the judge of the National Court Fernando Andreu admitted several complaints against the last presidents of the entity, Ron and Saracho, and their respective boards of directors, initiating the opening of two separate pieces.

The magistrate's car distinguished a first stage, with Ron in front, a period in which the capital increase of 2016 worth 2,505 million euros would be investigated.

The second would be limited to the 108 days of the presidency of his successor, a period in which, according to the accusations, there would have been a smear campaign to bring down the value of the share price and thus obtain important benefits, which could constitute a crime of market manipulation.

Especially media will be the testimony of Saracho, who during his appearance at the congressional commission on the financial crisis, stated emphatically that "the entity was deceiving, it was a disaster, a poop, and with a value very close to zero," that is , which "was unable to give good news."

In the declaration, the parties will foreseeably refer to the report prepared by the experts assigned by the Bank of Spain Santiago Ruiz-Clavijo and Pablo Hernández, who ruled out that the Popular was unfeasible in the capital increase of 2016, although they added that the accounts reflected in the brochure "they did not respect certain aspects of the regulations".

After Saracho, this same month will come the turn of Angel Ron, whose citation was postponed on October 30 and 31, in order to solve the agenda problems alleged by his lawyer.

To date there are already scheduled declarations until next December, when the former CEOs of the bank Pedro Larena and Ignacio Sánchez Asiaín, the audit partner Pedro Barrio and the firm PwC, among others, are called.

. (tagsToTranslate) Saracho (t) opens (t) Wednesday (t) statements (t) Popular

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