Nueva Rumasa chief to step down, making way for sons

The founder of Nueva Rumasa, José María Ruiz-Mateos, announced on Tuesday that he was stepping down from his management role at the head of the stricken group to make way for his six sons. Nueva Rumasa is in dire financial straits, with its companies immersed in more than a dozen bankruptcy processes after leaving thousands of small investors in the lurch.

In a press release, the company stated that Ruiz-Mateos - whose original Rumasa group was expropriated by the state in the 1980s after an immense hole was discovered in its balance sheet - would be focusing on recovering the funds owed to those who invested in the group.

"I will dedicate my time exclusively to finding solutions in order to give back the last euro to the investors, to whom I have a moral obligation," the text read. The controversial businessman also blamed the executive chairman of the Santander bank, Emilio Botín, as the man responsible for the "financial imbalance" of Nueva Rumasa.