The CNMV fined Borrell 30,000 euros for the sale of Abengoa shares

The CNMV fined Borrell 30,000 euros for the sale of Abengoa shares

The fine imposed by the National Securities Market Commission (CNMV) to the Minister of Foreign Affairs, Josep Borrell, for selling Abengoa shares when he was a director of the company amounts to 30,000 euros, according to the Official State Gazette (BOE) published today. .

In the resolution published by the BOE, the CNMV explains that this fine responds to the very serious infringement of the Securities Market Law committed by Borrell for the sale of 10,000 shares of Abengoa for an amount of 9,030 euros on November 24, 2015, when he was still a director of this company and therefore had privileged information that had not been published.

The shares sold, which involved only a small part of Borrell's share, did not belong to him, but to a person from his immediate surroundings.

Last October Borrell himself acknowledged that the sale "was not adequate" at the time it was made, nor because of "the appearance of irregularity" that he could generate, but he described it as "a minor problem" that does not affect his "suitability to exercise the ministerial function", to respond to those who demanded his resignation as minister.

"It does not have any logic that if someone has the information that he attributes to me, he will only sell 8% of his portfolio", Borrell was justified, who ruled out resorting to the sanction because in his opinion doing so "would not be politically correct" to the power generate a conflict of interests against the Ministry of Economy.

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 compensation to the former president of the company Felipe Benjumea and his former CEO, Manuel Sánchez Ortega, after his resignation.

His statement was only as a witness as a member of the Appointments and Remuneration Committee and he alleged that he was not present at the meeting of the Board of Directors that finally approved said payments.


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