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Miguel Blesa, the former chairman of Caja Madrid, the main savings bank in Spain’s largest nationalised banking operation, Bankia group, was taken into provisional custody on May 16 in Madrid.
Blesa is charged with “dishonest management, falsifying official documents, and misappropriation and abuse of corporate assets” in connection with Caja Madrid’s purchase of the City National Bank of Florida in 2008. According to El Periódico, the deal resulted in €500m of losses for Caja Madrid.
The judge took the view that the former banker represented a “flight risk” and ordered him to post bail of €2.5m if he wants to be released from custody.
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