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Santander's Emilo Botin is the latest target of Spain's judiciary |
Botín is the latest high-profile target for Spain's very active judiciary. Judge Teresa Palacios has been given permission to begin proceedings against him and four former directors of Banco Santander (as it was at the time of the alleged offences) by the Audiencia Nacional, Spain's highest court. The charges relate to the bank's activities in the late 1980s.
In 1987 the Santander Group began to market its now infamous cesiones de crédito, or loan assignments. The assignment was developed by Santander. It involved selling investors the credit risk on corporate loans without, in most cases, withholding the returns. In this way, the...
