March 9, 2021

The CNMV filed a case against Borrell for selling Abengoa shares as a director

The CNMV filed a case against Borrell for selling Abengoa shares as a director



The National Securities Market Commission (CNMV) has confirmed today that it has resolved a case against the current foreign minister, Josep Borrell, for the sale of Abengoa shares worth 9,030 euros when he was a director of the company and knew information not unveiled

After knowing the news published by The Information, the stock market regulator has issued a statement, which explains that the file began on July 13, 2017 and that the sale of those Abenga titles had been ordered by Borrell, although the shares they did not belong to him, but to a person from his immediate surroundings.

The CNMV considered, when resolving the file on September 27, that Borrell knew, because of his position as director in the company, "relevant information that had not been published."

According to this body, the resolution of the file is not final and may be appealed by Borrell in appeal to the Ministry of Economy and Enterprise, and subsequently, before the contentious-administrative jurisdiction.

At the end of November 2015, Abengoa, with a net debt of 6,300 million euros and a gross debt of 8,900 million, applied for the pre-credit of creditors, and managed to avoid bankruptcy by means of an agreement with the creditors for the restructuring of the group through the injection of 1,170 million euros. of euros in exchange for transferring 90% of the capital to funds, banks and bondholders.

Borrell declared in October of 2017 in the trial against the expo of the multinational Abengoa for the indemnities to the former president of the company Felipe Benjumea and his former CEO, Manuel Sánchez Ortega, after his resignation, although he did so as a witness as a member of the Appointments and Remuneration Committee and argued that he was not present at the meeting of the Board of Directors that finally approved said payments.

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