Wednesday, May 18

Banks lose in their attempt to investigate Sandra Ortega for bad loans in favor of Kike Sarasola


It was one of the few times that Amancio Ortega, the founder of Inditex, authorized his press teams to release a statement on his behalf. It happened in October of last year when the founder of Inditex learned that four banks wanted to investigate his daughter, Sandra Ortega, for a plot of failed loans in favor of Kike Sarasola and Romm Mate. The documents that enabled the financing bore the signature of the richest woman in Spain. She assures that this heading was falsified by whoever was her confidant in the management of assets estimated at 6,300 million euros.

The court stops four banks that wanted to charge Sandra Ortega for millionaire loans to Kike Sarasola

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In statements to elDiario.es, Amancio Ortega’s spokespersons then said: “Amancio is worried. Just like any parent would be.” That concern referred to the action of four banks that have just lost their attempt to implicate Sandra Ortega in the plot of bad loans of which the businesswoman says she knows nothing.

Behind the whole story are some letters of agreement that Ortega’s former manager, José Leyte, had presented in various bank offices. These were documents that sought to obtain money for the businessman Kike Sarasola and Room Mate with the guarantee that if the payments were not made, the Ortega family would take charge of an account of 130 million euros. Amancio Ortega’s eldest daughter denounced her former manager and accused him of forging her signature to obtain the money. The matter is still pending judicial decision but in the middle of the process four entities tried to implicate Sandra Ortega. Now, justice confirms that they will not be able to do it.

The Second Section of the Provincial Court of A Coruña has dismissed the appeals filed by four financial entities (Abanca, Deutche Bank, Bankinter and Banca March) against the order issued by the Investigating Court number 2 of A Coruña in which it rejected the admission of the complaint filed by Deutsche Bank against Rosp Corunna and the administrator of that company, Sandra Ortega, for allegedly being aware that they simulated her signature to obtain credits.

The request was made by the banks in the framework of the investigation of the complaint filed by Sandra Ortega for the alleged forgery of her signature for the granting of credit to Room Mate. The businesswoman filed that complaint against her former manager, José Leyte, whom she accuses of falsifying his signature to form letters of sponsorship, a document similar to a guarantee, according to which the banks had the guarantee that the businesswoman would cover with her assets a possible default.

Deutsche Bank argued in its appeal, in which it requests that the businesswoman be investigated, that the complaint filed by her “proposes a factual account that is not very credible”, because, in her opinion, “it is not credible that the sole administrator of Rosp did not find out about the modification of the guarantees”, while assuring that there is “a scenario of fraudulent action by the businesswoman against the banks now in person”. In this regard, the Chamber wonders “where is the damage proven in more than 150 million euros to which the appellant alludes quite lightly”.

“In short, it outlines a plot in which it adds to the crimes of falsehood in commercial documents and unfair administration pristinely denounced, those of fraud and procedural fraud, which would be charged to the account of the administrator, to investigate all of them in a single procedure. And this, due to its connection”, explains the Provincial Court in the order, in which it underlines that it is “easy to imagine to what degree of complexity and consequent delay of the process the cumulative claims of the appellants would lead”, since the procedure initiated by the businesswoman against her former manager “already incorporates several thousand pages to date”, for which “a large number of investigation procedures have been carried out, plus those that are yet to come”.

The court warns the appellants that “the best procedural economy” is the one that derives “from the general principle that each crime will give rise to the formation of a single cause”.

Sandra Ortega owns 5% of Inditex. She is 53 years old, lives in A Coruña and chairs the Paideia Foundation, dedicated to the labor integration of young people with disabilities. Her fortune is valued at 6,300 million euros. Until last November, she delegated the management of her wealth to José Leyte, an executive who came from private banking and who worked for her and her mother, Rosalía Mera, for more than twenty years. Leyte was the head of Ortega’s asset manager, Rosp Corunna.



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