Rodrigo Rato, the ex-head of the International Monetary Fund, and former officials at one of Spain’s largest banks are in court Monday to answer accusations that they misled investors about the state of the lender’s finances ahead of its 2011 IPO.
MrRato, the former Bankia chairman who is already serving time for another conviction, is the most prominent of 34 defendants who will be probed over whether they deliberately falsified accounts and hid information from investors.
Bankia raised more than €3 billion (Dh12.51bn) in a 2011 share sale, including €1.85bn from retail investors, a year before its near-collapse forced Spain to seek €41bn in European bailout funds to shore up its banking system. The Bankia group’s rescue required more than €22bn in public aid.
Six years after the European Union stepped in to bail out its financial system, Spain is still dealing with the aftermath and winning back public trust is the industry’s toughest challenge, Bankia chairman Jose Ignacio Goirigolzarri said last week.
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First Hyperloop TT passenger pod unveiled in Spain
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“Bankia’s IPO was a milestone in Spain’s financial crisis,” said Ricardo Wehrhahn, managing partner at Intral Strategy Execution in Madrid. “It was the starting gun for the crisis.”
The government looks like it may struggle to meet a December 2019 to offload its 61 per cent stake in Bankia as the lender’s share price continues to fall, making a sale in the open market politically unpalatable.
Regulators at the Bank of Spain and the National Securities Market Commission authorised Bankia’s initial public offering despite repeated warnings by the central bank’s inspection team that the group wasn’t viable, according to the National Court in Madrid.
Bankia hired investment banks including Deutsche Bank, JP Morgan, Bank of America and UBS to manage the share sale as it sought to plug a shortfall in minimum capital requirements.
The opportunity was largely snubbed by institutional investors who had concerns about the amount of soured real estate loans the bank was carrying. The bank instead turned to individuals and its own customers. Many of those have already been compensated. The bank has paid out €1.9bn in out-of-court settlements. Of an original 11,000 initial accusers there are 168 remaining who are owed a total €2.1m, according to calculations by Bankia.
Mr Rato’s lawyer, Ignacio Ayala, didn’t immediately comment.
The trial is expected to last seven months.
UAE currency: the story behind the money in your pockets
Company%20Profile
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Turning%20waste%20into%20fuel
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SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Company%20Profile
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2024%20Dubai%20Marathon%20Results
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The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Apple's%20Lockdown%20Mode%20at%20a%20glance
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Illegal%20shipments%20intercepted%20in%20Gulf%20region
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Cargoz%3Cbr%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%20January%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Premlal%20Pullisserry%20and%20Lijo%20Antony%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2030%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Afro%20salons
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More from Aya Iskandarani
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Company%20profile
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan