Ex-Bankia execs accused of misusing credit cards
Daniela Sepulveda
Press TV, Madrid
Trips to Mexico. Expensive bottles of liquor. Bull fights. These are just some of the many expenses claimed by the people walking through these doors on the so-called “black” credit cards issued to them. In total, 15 million euros spent by the bank's directors, money that wasn't declared by the tax revenue office. Meanwhile thousands of Spaniards were being evicted from their homes and forced to hand over their keys to Bankia.
27 ex Bankia directors stood trial this week. Among them members of both the Popular Party and the Socialist Party. The prosecuting judge has yet to make a decision behind these doors. If found guilty those accused can face up to 6 years in prison.
Dozens of people who feel cheated by the bank were waiting outside the court to greet the directors. These Small shareholders have lost their whole-life savings as a result of the bank's near collapse. They want justice and the return of their money.
In 2011, Bankia was launched in Madrid's stock market. The president of Bankia at the time was Rodrigo Rato, former head of the IMF. One year later the bank had to be rescued by the Spanish state. The 19 billion euro bailout was the largest in the nation's history. Bankia is still undergoing investigation for allegations of fraud.
So the accused don't escape the country the judge demand they pay a fine equivalent to what they spent on the “black” credit cards. 50 plus ex-directors of Bankia have yet to appear in court in upcoming weeks.
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