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Former Banco Popular chairman fined for nonappearance in court

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Former Banco Popular chairman fined for nonappearance in court

Emilio Saracho, the former chairman of failed Spanish lender Banco Popular Español SA, has been fined €500 by a Spanish court for failing to appear at a hearing filed by a retail investor who lost €28,000 in the bank's resolution, Expansión reported.

Saracho had requested to be absent from the hearing, saying it could prejudice criminal proceedings against the bank's former management in Madrid, or do so by video conference as he did not have a means of transportation from Madrid to the hearing in Barcelona. The judge rejected his request, however.

Banco Popular was acquired by Banco Santander SA for €1 on June 7, 2017, after the bank was resolved by the EU's Single Resolution Authority. Saracho was appointed chairman of the lender just a few months before the bank's resolution after the bank's board ousted long-time Chairman Angel Ron.

Expansión also reported that the Institute of Accounting, which is under the authority of the Spanish economy ministry, had sanctioned auditor PwC and its associate auditor José María Sanz Olmeda for two serious infractions in auditing Popular's accounts in 2012.