22 October 2020
The Criminal Division of the Audiencia Nacional (National High Court) handed down a judgement on 29 September 2020 (No. 13/2020) in which it acquitted the 34 defendants in the trial for the Bankia IPO, including the former chairman of the bank and former managing director of the IMF, Rodrigo Rato, of the offences of defrauding investors and false accounting of which they were accused.
The ruling highlights that the IPO had the approval of all supervisors – Bank of Spain, CNMV, FROB and EBA -, that the prospectus contained ‘extensive and accurate’ financial and non-financial information and that only generic attitudes of the defendants were exposed in the trial and not specific acts.
You can download the Judgment below:
