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The CNMV opens disciplinary proceedings against DIA and freezes it through criminal proceedings

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Open disciplinary proceedings and leave it frozen. The National Stock Market Commission (CNMV) initiated administrative disciplinary proceedings for very serious infringement of DAY on December 19, as well as its board of directors and key executives. However, this process is paralyzed while waiting for the criminal proceedings to be resolved.

The body headed by Sebastian Albella explains that its Executive Committee decided last December 19 "to initiate a disciplinary administrative file for a very serious infraction" to DAY, "as well as to certain people who held administrative and management positions in the entity at the time of the events (specifically, to whom was its CEO (Ricardo Currás) and to four other senior managers and to the directors who were part of the Commission Audit and Compliance) ".

A justified file "for having provided the CNMV with financial information with inaccurate or inaccurate data in its individual and consolidated annual accounts for 2016 and 2017", details through a statement.

The market supervisor clarifies that, in that same meeting, "in accordance with the Securities Market Law, agreed suspend the processing of said file because a criminal proceeding is being processed for identical or inseparable events until a firm decision of the judicial authority falls, "he concludes.

THE CRIMINAL ROUTE

Precisely, this Wednesday, the National audience has accused Ricardo Currás to the exCEO, and to whom was his 'number two' Loving Sanchez Falcon for alleged crimes of unfair administration and fraud in the accounts, having allegedly fattened the company's numbers in 2017 through "irregular practices" that led to a fictitious increase of 51.8 million euros.

In this case, the magistrate of reinforcement of Central Court of Instruction 6 of the National Court, Alejandro Abascal, indicates in his order that "since the figures for the year did not reach them and there would be a significant decrease in the EBITDA figure, Currás devised a plan – which in part involved the use of prior irregular practices – to alter certain magnitudes with direct reflection "on this balance sheet," which gave it an appearance of solid management and the collection of the variable by objectives ".

It's about a case similar to what happened with Banco Popular. In this process, the Executive Committee of the CNMV filed a sanction file in October 2018 to the entity, its executive directors, the members of its audit committee and its financial director "for having provided the CNMV with financial information with inaccurate or not true data in its 2016 annual accounts". But he suspended the process because "a criminal proceeding is being processed for identical or inseparable acts until a firm decision of the judicial authority falls."

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