Banking crisis

Bank of Spain opens investigation into ex-CAM officials

Probe targets early retirement payoffs

The Bank of Spain has opened a disciplinary inquiry into the leadership of the nationalized Caja Mediterráneo (CAM) savings bank.

The measure affects the main former directors of the bank, including ex-president Modesto Crespo and ex-director generals Roberto López Abad and María Dolores Amorós, as well as its board of directors and control committee.

The move comes six months after the government intervened to guarantee CAM’s solvency after the failure of its merger with Cajastur, Caja Cantabria and Caja Extremadura last July. Among the scandalous discoveries administrators have unearthed at CAM since the intervention are multi-million-euro early-retirement payouts to five ex-directors.

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