On the merger of Galician saving banks: (a possible connection of the President of the Galician Xunta, Alberto Nuñez Feyjoo, and former Spanish President, Mariano Rajoy with the Venezuelan opposition, and an example of Spanish Political Corruption)
I read in “En Marea’s” Telegram (a Left-wing electoral coalition in Galicia, Spain [ https://en.wikipedia.org/wiki/En_Marea]) that the National Spokesman, and Deputy in the Galician Parliament of Anova – Nationalist Brotherhood [https://en.wikipedia.org/wiki/Anova–Nationalist_Brotherhood], (a small independentist party integrated in the coalition, with a good independentist “pedigree”, linked to the Galician People’s Front [ https://en.wikipedia.org/wiki/Galician_People%27s_Front], which was founded by Galician writer Xose Lois Méndez Ferrin [https://en.wikipedia.org/wiki/Xosé_Lu%C3%ADs_Méndez_Ferr%C3%ADn]), Antón Sánchez García, who declares himself “a farmer”, in his Galician Wikipedia entry [https://gl.wikipedia.org/wiki/Antón_Sánchez_Garc%C3%ADa] , besides taking an interest in the high prices of Galician freeways, maintains an arduous litigation in the Galician High Court of Justice about irregularities in the merger process of Galician Savings Banks.
The issue is somewhat complex (I guess that En Marea (or Anova) have powerful legal advice). On one hand, there is a problem with the date of the mandatory audits, which were all wrong and that were already done before the dates in which it was said that they would be done: http://amp.galicia.economiadigital.es/finanzas-y-macro/kpmg-congreso-fusion-caixa-galicia_554177_102.html?fbclid=IwAR0UPZSQ5CtwdvDm_UCHw6C8waX-Nfe6ve6Tjnuaz8aqgs_sKU1cjUDyutg
On the other hand, according to “El Diario” (a well-informed Spanish digital journal: https://www.eldiario.es), Galician Autonomic President, Alberto Nuñez Feyjoo, who pertains to the Galician branch of the Spanish People’s Party, linked to Franquist minister, Manuel Fraga Iribarne [https://en.wikipedia.org/wiki/People%27s_Party_(Spain)], putting into practice a series of economic steps he baptized as “financial galleguism,” promoted the merger of the Southern Galician Saving Banks (Caixanova, with headquarters in Vigo) with the Northern Galician Saving Banks (Caixa Galicia) into a new entity (Nova Caixa Galicia) that went bankrupt (check the link above about the failed audits or, according the legal English term, the (failed) “Due Diligence,” [https://en.wikipedia.org/wiki/Due_diligence] – the banking entities did not even meet the conditions to survive as independent entities), had to be nationalized by the Bank of Spain (when Spanish President, Jose Luis Rodriguez Zapatero, pushed by economic crisis had to harden the banking standards), and finally was auctioned off and purchased at a laughable prize (1000 million euros) in 2013, in times of Mariano Rajoy Brey, also of the Spanish People’s Party) by a Venezuelan bank (sic), [https://en.wikipedia.org/wiki/Mariano_Rajoy], Abanca, [ https://en.wikipedia.org/wiki/Abanca] (I wonder if managed by Maduro’s Goverment, Chavez’s Government, (everything happened in the 2009-2013 and was and remains opaque to investigation), or by a business network linked to the Venezuelan opposition). In all the process around 8 thousand million Euros were lost.
Despite criticism and attempts to investigate of the political opposition, Feyjoo abjures any responsibility, attributes the demands of responsibility to a “radical campaign” against his Presidency. And rejects to present the documents required by Anton Sánchez Garcia in the the Galician High Court of Justice.
The news in El Diario can be read (in Spanish) here: https://www.eldiario.es/galicia/politica/solvente-Feijoo-agujero-millones-directivos_0_602640592.html
The corporate group to which Abanca belongs (Banesco, https://en.wikipedia.org/wiki/Banesco) was intervened by Nicolás Maduro Government in May 2018, because its alleged contribution to distortions in Venezuelan economic system: https://www.vozpopuli.com/economia-y-finanzas/Maduro-amplia-intervencion-Banesco-Escotet-Venezuela_0_1161183995.html
Galician President shows no care, but, at the same time, declares he is following “in real time” the events:https://intereconomia.com/empresas/banca/incertidumbre-y-temor-entre-los-gallegos-por-la-situacion-de-abanca-tras-la-intervencion-de-banesco-en-venezuela-20180505-2119/amp/?fbclid=IwAR1bvMVy949peOJa-tRzMT4PKGmYZdOk5w7V0e3klq9otiwSdvMv1Kwo29s
There is some information about this (in English), here:
You may have a look also at: (also in Spanish):
There’s too big an amount of information on the subject. In any case, the gift of the CNG (there’s an article in the Finacial Times you can read, if you are a subscriber), Caixa Nova Galícia, to a private Venezuelan bank (which payed just 1 billion euros, coming to terms with a loss of 8 billons), was the Right-wing Government of Prime Minister Mariano Rajoy, in my opinion, because the Galician Bank had been nationalized.
Chronology of the sale process according to “El Faro de Vigo” (the nationalization of the NCG took place on June,2011, during the term of office of José Luis Rodriguez Zapatero, the Spanish General Elections won by Mariano Rajoy Brey were held on November 20th of that year, the anniversary of Franco’s death):
I link again chronology exposed by El Faro de Vigo: NCG was sold by the FROB (the Banking Recue Fund) twice (the first time in December 2012, and the second one in December 2013), both times to Banesco: https://www.farodevigo.es/galicia/2013/12/19/novagalicia-cronologia-proceso-venta/935442.html
On December, 2012, NCG’s shares in Banco Echeebarria were sold by the FROB (the Banking Rescue Fund) (to BANESCO) for 25’6 million Euros to (El Correo Gallego): https://www.elcorreogallego.es/galicia/ecg/ncg-ingresa-213-millones-tras-vender-su-participacion-en-16-empresas/idEdicion-2013-05-03/idNoticia-804746/
We are close to December 2013, the FROB’s President, Fernando Restoy declares prize will be the main thing in the auction (for recovering the funds of the rescue) (Europa Press): https://www.europapress.es/galicia/noticia-frob-afirma-subasta-ncg-fundamental-precio-integre-proyecto-viable-20131204182726.html
On December 18th of 2013, Banco Echevarria (from the BANESCO group) obtains the NCG for 1018 million Euros (Banco Echavarria’s page): http://blog.banesco.com/banco-etcheverria-grupo-banesco-gano-subasta-de-ncg/
In a not exhaustive research it is easy to find (linking once more to “El Faro de Vigo”: https://www.farodevigo.es/galicia/2013/12/19/novagalicia-cronologia-proceso-venta/935442.html) that 2400 million Euros were invested in October 2012 , and 5400 million from the EU more in November 2012, both during Mr. Mariano Rajoy Brey’s term. The Court of Auditors, nevertheless, [https://en.wikipedia.org/wiki/Court_of_Auditors_(Spain)] calculates an amount of more than 9500 million euros had been invested: https://www.diariodeferrol.com/extarticulo/espana/tribunal-cuentas-cifra-9159-millones-dinero-publico-rescate-cajas-gallegas/20170110225456317337.html