CAM trial concludes

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Ex-directors of the Caja de Ahorros del Mediterrándeo (CAM) in the High Court

The trial against eight ex-directors of the failed CAM savings bank drew to a close last week after 15 hearings over two months at the High Court in Madrid.

The verdict will hinge on whether the defendants’ claims are believed that they did not falsify the company accounts for 2010 and the first half of 2011.

While they admitted they may have made mistakes, the prosecution argued they had hidden sensitive information in order to obtain juicy redundancy settlements.

The public anti-corruption prosecutor noted the CAM had posted fictitious profits of €65 million when in fact it had recorded losses of €1,136 million.

Read more in this week’s print edition or go to e-paper

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