RBS director to stand trial over executive pay
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A director of Royal Bank of Scotland is to stand trial in Spain on charges of misappropriating funds worth nearly €160m.
A director of Royal Bank of Scotland is to stand trial in Spain on charges of misappropriating funds worth nearly €160m.
Emilio Botin, the chairman of Spain's biggest bank, Santander Central Hispano, and a non-executive director of RBS, will have to fight a legal case brought by shareholders who are angry about payments which were made to two former executives at the Spanish bank.
Santander's former co-chairman Jose Maria Amusategui, and its ex-chief executive, Angel Corcostegui, received golden goodbyes in 2001 on leaving the bank. They resigned after a period of infighting at the bank.
The two will also have to defend themselves against the lawsuit, which alleges that funds have been criminally misused. The case was lodged with Spain's national court.
Mr Botin, 69, is the third generation of his family to run Santander. He joined the board of RBS after Santander bought 10 per cent of Scotland's largest financial services group, which also holds a stake in the Spanish bank. The two have participated in various joint ventures on the continent. Santander issued a statement denying the payments to its two former executives were illegal. It said the payments had been approved unanimously by the board.
Mr Amusategui and Mr Corcostegui collected the money when they resigned during a three-year transition period after merging Banco Central Hispano, which they ran, with Banco Santander, a larger competitor led by Mr Botin.
Santander's board has contended that the payments, largely for pension benefits and bonuses, were allowed by the bank's bylaws.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments