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The national hearing absolves Abengoa's Excupola for the collection of millions of dollars ' compensation

The court rules out irregularities in revenues received by managers after their release in 2015, when the company was almost bankrupt

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The national hearing absolves Abengoa's Excupola for the collection of millions of dollars ' compensation

The national hearing has acquitted Abengoa on Friday of crime of unfair administration for which accusations requested up to five years in prison for former president of entity Felipe Benjumea and four years and three months for Director Delegate Manuel Sánchez Ortega. The court has made decision to rule out irregularities in millionaire awards received by managers after ir release in September 2015, a date on which company was practically bankrupt, with a debt of 9 billion Euros. The tax ministry also asked for Benjumea 90,000 euros of fine for indemnification of 11.5 million euros that was attributed by its departure from Andalusian energy.

More information
  • Abengoa's ' number two ' defends its management in trial at national hearing
  • Prosecutor requests five years ' imprisonment for Benjumea for Abengoa's compensation
  • The Judge prosecutes Benjumea and Ortega for Abengoa's millionaire compensations

The tribunal has acquitted m by understanding that unfair administration of Abengoa's assets has not been accredited and that such compensations were in conformity with legal and contractual rules. The prosecutor also called for four years for members of appointments and Remunerations Committee Mercedes Gracia Diez, Alicia Velarde Valiente and Antonio Fornielles Melero. All of m were accused of crimes of unfair administration or misappropriation.

The facts judged date back to 2015, when departure of entity of President Felipe Benjumea and of managing director Sánchez Ortega was formalized. The clauses of contracts signed had compensation for early termination of 11.4 million euros in case of first and 4.48 in second, which, according to prosecutor, were not entitled and did not correspond with state through which company , which had to be eligible for precontest of creditors.

The Public Prosecutor's Office requested for Ortega, in addition to a sentence of four years and three months in prison, 72,000 euros of fine. The prosecution also claimed for him and for Benjumea full return to Abengoa of amount of compensation.

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