Bailed-out banks chief among Díaz Ferrán's creditors

Jailed former business leader owes more than 400 million to lenders and hotel chains

Gerardo Díaz Ferrán, the former head of Spain's largest employer group who was remanded in custody on Wednesday on charges of money laundering and concealing assets, has been found to owe 419 million euros to 19 banks and 28 companies.

The latest report by receivers handed to the High Court also concluded that Díaz Ferrán, who was president of the CEOE business confederation from 2007 to 2010, has just 5.6 million euros in assets in the form of eight properties. Among his largest creditors are several savings banks that have had to be bailed out with state money.

Also seeking redress from Díaz Ferrán are several large Spanish hotel chains.

Díaz Ferrán sold his assets to Ángel de Cabo — who is also in custody — in 2010 for 3,060 euros. Both stand accused of asset concealment to avoid having to pay Díaz Ferrán's creditors.

Díaz Ferrán stepped down from CEOE in 2010 after the collapse of his Marsans group.

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