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Article: Fun and games; Spanish banks.(Another day, another trial)
- Article from:
- The Economist (US)
- Article date:
- May 1, 2004
CopyrightCOPYRIGHT 2004 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Another day, another executive on trial
IN THE spirit of the times, another boss finds himself heading for court. On April 27th, a judge in Spain ordered that Emilio Botin, head of one of the country's most powerful families and chairman of Santander Central Hispano, its biggest bank, be tried for misappropriation of funds.
Mr Botin is accused of harming shareholders by bestowing severance packages totalling euro164m ($145m) on two former bosses of Santander Central Hispano, Jose Maria Amusategui and Angel Corcostegui, who are due to stand trial with him. The payments ended a bitter power struggle following the 1999 merger of Santander, run by Mr Botin, ...