Spanish Court Tells Former Abengoa Chiefs to Deposit $17 MillionBy
A Spanish court is investigating complaints made by investors against two former Abengoa SA executives and ordered the men to post deposits totaling 16 million euros ($17 million) during the probe.
Judge Carmen Lamela told former Abengoa Chairman Felipe Benjumea to provide 11.5 million euros and former Chief Executive Officer Manuel Sanchez Ortega to put up 4.5 million euros within 24 hours, the National Court in Madrid said in a ruling sent by e-mail on Friday.
Lamela also asked the distressed renewable-energy company and the Spanish market regulator CNMV to provide information on payments of 11.5 million euros to Benjumea and 4.5 million euros to Sanchez Ortega this year, according to the statement. The regulator was asked for information on Abengoa share transactions by BlackRock Inc. since Aug. 1.
Benjumea and Sanchez Ortega couldn’t immediately be reached for comment on the case.
BlackRock hired Sanchez Ortega in July as head of strategic development for its Infrastructure Investment Group.
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