Bankia directors ordered to pay €800 million liability bond

Brilla Festival boasts brilliant boost for Torrevieja tourism. Image: Brilla Torrevieja/Official

EX-HEAD of Bankia banking group Rodrigo Rato and other former executives have been ordered to jointly pay an €800 million liability bond by a Spanish court.

Rato, who in the past held posts as Economy Minister for Spain and managing director of the International Monetary Fund, Francisco Verdú, José Manuel Olivas and José Manuel Fernandez Norniella and the Bankia group were told today, Friday February 13, that they have one month to deposit the bond or their assets will be embargoed, although they have been given three days to appeal.

This is the latest step in a long-running investigation of possible fraud regarding the group’s stock market listing in 2011.

Bankia is believed to have included false accounts information on informative leaflets when the banking group entered the stock market.

The group, which had to be bailed out by the Spanish government in 2012 for €24 billion, has been sued by thousands of clients that claim to have lost money after the listing.

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