Spanien verhaftet den Ex-Banken Chef: Miguel Á, F. Ordóñe, die Deutschen Bank Gangster sind alle frei

The Spanish banking elite faces one of the biggest cleanups in its modern history


Spain’s central high court has charged the former Bank of Spain governor Miguel Ángel Fernández Ordóñez.

The decision was followed by resignations of Bank of Spain officials, including the bank’s Director General of Supervision, Mariano Herrera Garcia-Canturri

Bankia case

Miguel Angel Fernandez Ordonez led the Bank of Spain from 2006 to 2012.

Fernández is charged with allowing the floatation of 48% Bankia in July 2011, a move that has cost 200,000 investors millions.

The lender was created in 2010 through the consolidation of seven building societies that had offloaded their non-performing loans to a bad bank (BFA).

Bankia floated on the stock exchange for €3.75 a share; within a year, the stock’s value was under €1. There is now evidence to suggest that Fernández Ordóñez was perfectly aware that the bank was troubled and should never be listed. The bank was soon partially nationalized.

At the year of its floatation, the lender cheated investors, reporting a €4,3bn deficit as a €309 million profit. Charges have also been issued against the former securities watchdog chief, Julio Segura, and several of their aides.

The case could touch more high profile bankers

The Court reverses the decision of the anti-corruption prosecutor, Alejandro Luzón, who dropped the case against Fernández Ordóñez and Segura in November 2016.

However, the Court had new evidence at its disposal, including four emails from Bank of Spain inspectors alerting their superiors about the risks of listing Bankia. The Court also saw a report that had been delivered to the bank’s management that clearly stated that Bankia’s IPO prospectus was fraudulent, El Pais reports.

At the time, Bankia was run by the former IMF chief Rodrigo Rato, who is also under investigation on tax fraud.

Betrugs Geschaefte von ENEL in Rumaenien: International court rules Enel has to pay Romania EUR 400 million

Deutsche EADS Ganster, Telekom, Bodo Hombach, die Italienische Muell Mafia, die US Bechtel Mafia mit dem US Department of State mit Bechtel und die NATO und Pentagon Mafia, zerstoerten mit dem Privatisierungs Betrug der EU das Land, wo akutell die EU einen anderen Ministerpraesidenten erpresste, der die starken Anti KOrruption Gesetze ungueltig macht, fuer die korrupten EU Georg Soros Banditen und Verbrecher.

Jetzt muss ENEL eine hohe Geldsummen 400 Millionen Euro, als Entschaedigumng zahlen.

 

 

International court rules Enel has to pay Romania EUR 400 million

Eurobarometer

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Italian energy group Enel has to pay EUR 401 million to Romania state for a 23.57% stake in the former electricity distribution and supply company Electrica Muntenia Sud, privatized in 2008, according to a decision of the International Court of Arbitration in Paris.

The Romanian state started the arbitration procedures against Enel in 2014 invoking a breach of the privatization contract, which bound the Italian group to buy the state’s 23.57% remaining stake in the electricity distribution business when asked to.

In 2012, the Romanian Government asked Enel to pay EUR 521 million for the stake, invoking the clauses of a Put Option included in the privatization contract, but the Italian group was willing to pay less than EUR 300 million, according to Agerpres. The Put Option didn’t include a fixed price but a price formula, which was subject to interpretation. The two sides went to the arbitration court, which ruled that Enel should pay EUR 401 million.

The sum is still higher than what Enel paid to the Romanian state in 2008 for a 50% stake in Electrica Muntenia Sud, namely EUR 395 million. At that time, Enel also brought EUR 425 million into the company via a capital increase, which allowed it to increase its stake to 64.43%. The Romanian state kept a 23.57% stake in the company and the remaining 12% are held by investment fund Fondul Proprietatea.

Enel Romanian representatives confirmed the International Court of Arbitration’s decision and said the result was in line with what the company was expecting from this case.

Electrica Muntenia Sud was the most valuable electricity distribution and supply company in the state’s portfolio. After Enel took over the company, it was divided into two companies, one that took over the distribution, which is now called E-Distributie Muntenia, and the other one in charge of the supply, namely Enel Energie Muntenia, both having the same shareholding structure.

E-Distributie Muntenia is one of the most profitable companies in the local energy sector. It had operational revenues of EUR 232 million and a net profit of EUR 53.5 million in 2015. The company operates the electricity distribution grid that serves over 1.2 million clients in Romania’s capital Bucharest and the surrounding counties. Enel Energie Muntenia it the main electricity supplier in the same area, serving 1.2 million customers. It had a turnover of EUR 388 million and a net profit of EUR 5.6 million in 2015.

Enel also controls the electricity distribution companies in Romania’s Dobrogea and Banat regions, which include the Black Sea port of Constanta and Timisoara, the biggest city in Western Romania.

The Italian group serves a total of 2.7 million clients in Romania, in the three regions, and has over 3,100 employees.

In July 2016, the Romanian state lost a case against Enel at the International Court of Arbitration in Paris, in which it asked for EUR 920 million compensations from the Italian Group. Romania had to pay EUR 1.3 million arbitration costs to Enel in that case.

In August 2016, the Romanian state filed another arbitration case against Enel asking the group to compensations for not distributing dividends from Enel Distributie Banat’s profits in 2012.

Enel wanted to sell its operations in Romania, in 2014, to balance the group’s financials, but gave up the sale one year later.