Bail set for defendants in Emarsa case
Judge sets surety at 25 million euros in Valencia's waste-water treatment agency misappropriation trial
The judge investigating the massive misappropriation of funds by managers of Emarsa, Valencia's waste-water treatment agency, has set bail at 25 million euros. There are 28 suspects in the case, chief among them Emarsa's former president, Enrique Crespo, who is also mayor of Manises and deputy president of the provincial authority of Valencia.
The investigating judge, Vicente Ríos, argued that even though the exact amount of money plundered from the company's coffers has yet to be established, he would set the figure high.
In July, 2010 the Popular Party, which has controlled the company since the 1990s, decided to liquidate it on grounds of bankruptcy. Auditors found a 17-million-euro hole in the accounts. Former Emarsa manager Esteban Cuesta, who is also a defendant, said that executives made all sorts of extravagant purchases charged to the company account, including luxury items, family trips, restaurants and hotel stays with female "Romanian translators."
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