The president of the National Securities Market Commission, Rodrigo Buenaventura, said on Friday that it was difficult to estimate the potential impact of an alleged espionage case involving Spain’s second-largest financial institution, BBVA, in terms of fines or damage to reputation.
A Spanish National Court judge on Thursday moved to try BBVA and its former president for alleged corruption and disclosure of business secrets, following an investigation into alleged corporate espionage.
“Matters of this type can logically have repercussions on the issuers, on the people who have worked or who work with the directors of these entities, and it is difficult to predict at the moment the consequences of possible sanctions or the reputational consequences that the affair could have on the issuer,” said Mr. Buenaventura.
BBVA was investigated in July 2019 for hiring a private investigation agency allegedly headed by former police commissioner José Manuel Villarejo. The case is part of a broader investigation dating back to 2004 into Villarejo, who has denied any wrongdoing.
Legal representatives for former President Francisco Gonzalez declined to comment Thursday, while a BBVA spokesperson said there is no criminal liability for the bank in connection with the events under investigation. investigation and that his priority has always been to cooperate fully with the courts.
(Reporting by Jesús Aguado; additional reporting by Emma Pinedo; editing by David Latona; Spanish editing by Javi West Larrañaga)
