The judge of the National Court investigating the debacle of popular Bank, José Luis Calama, has resumed the instruction by ordering the case. The magistrate has issued a ruling on Thursday ordering the 103 individuals indicted accusations to be organized voluntarily in a maximum of 10, arguing that the high number of plaintiffs threatens to make the case unmanageable and its development is delayed more than the account.
The judge has divided the case into two separate pieces and charged a total of 34 ex-counselors, former directors and legal persons, among them the ex-presidents of the Popular Angel Ron Y Emilio Saracho, the former Mexican councilor Antonio del Valle and the Pwc audit firm. What will try to clarify is whether the managers of the entity committed accounting falsity and swindling investors in the capital stock of 2016, on the one hand, and if there was a media campaign to discredit the Popular to knock it down in 2017, for another.
The cause already adds more than 100 prosecutors representing the accusations, plus the 19 of the defendants and the popular accusation. "It is evident that the instruction of the present case, with such a number of representations, is bound to be ungovernable, from a procedural point of view. For this reason, the rationalization of the power of application of the particular accusations is imposed, grouping them in a certain number of representations and defenses ", the magitrate alleges, which now gives ten days to the private accusations persondas, as well as to the Anticorruption Prosecutor, for to present their allegations.
This order was issued only one day after the magistrate received the expert report commissioned by two inspectors from the Bank of Spain and concluded that although Banco Popular was viable and solvent at the time of the capital increase 2016 as before its resolution, and that this was caused by the serious deposit loss suffered in 217, its managers did not respect the accounting regulations in 2014 and 2015, which made until 2016 they did not recognize all the delinquency and therefore part of the accumulated losses in the balance sheet of the entity.
The conclusions of that expert opinion have already provoked a reaction in the law firms specializing in collective lawsuits and banking law, which have already begun to encourage the shareholders who attended the 2016 enlargement and who lost their resolution with the Popular to demand and claim.
Possible avalanche of demands
The accounts presented by the entity in the brochure issuing the expansion, says the partner of LEAN Lawyers José Miguel Blasco in reference to the report of the experts, "did not reflect his faithful image, because the expansion was insufficient to reach a solvency situation at the close of 2016. In addition, the experts denounce that some of the hypotheses to reach the estimates contained in the brochure of the expansion were too optimistic and that the board of directors itself was misinformed about the quality of the portfolio, which correctly assess the capital increase ». "Now and now without a doubt, it is time for all those investors who lost their assets in the Popular go to court to demand the return of their ill-fated investment," he adds, recalling that the deadline to claim that money It expires in one year.
«Once this discrepancy between the published economic and financial information and the real scenario has been confirmed, the door opens to exercise, with all the guarantees, civil actions aimed at requesting the restitution of the amounts lost by the shareholders and holders of the Bank's debt. Popular that they invested trusting in this erroneous information », they point out in Unive Abogados, a law firm present in the case with a complaint in which it represents some 700 affected.
«All those clients and investors of the bank who decided to attend the capital increase of 2016 will be able to recover 100% of their money invested, plus legal interests, costs and expenses, through the filing of a civil claim alleging a vice in the consent to be wrong by the false appearance of solvency that the bank offered in the expansion brochure, "says the managing partner of Bufete Rosales, José Batasar, who compares the transcendence of this report with that of the expert in the Bankia case. its time