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Spain court orders two bank chiefs to stand trial

Published on Feb 19, 2014 12:56 AM

MADRID (AFP) - A Spanish judge on Tuesday ordered two former executives of failed savings bank CAM, a casualty of the near-collapse of Spain's financial sector, to stand trial for fraud.

The Bank of Spain took over CAM in 2011 and then sold to Banco Sabadell for the symbolic price of one euro as part of an effort to stabilise the financial sector, which was hit hard by the collapse of a building boom in 2008.

High Court Judge Javier Gomez Bermudez, who has been investigating CAM's collapse, ordered the lender's former general manager, Roberto Lopez Abad, and its former head auditor, Juan Ramon Aviles, to stand trial.

He suspects them of embezzlement, mismanagement and corporate malfeasance.

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