Top Spain banker sentenced for graft found dead — Caja Madrid

Top Spain banker sentenced for graft found dead — Caja Madrid

Top Spain banker sentenced for graft found dead — Caja Madrid

Bloomberg News reports that Miguel Blesa, the former chairman of Caja Madrid who for many Spaniards came to represent the management excesses that helped cause the country's banking crisis, was found dead with a gunshot wound, police said.

Blesa's corpse was found at a hunting estate in the southern province of Cordoba with a shot from a firearm to his chest, a spokeswoman for the Guardia Civil said by phone.

Witnesses who were with the former banker at the estate told police he left the group early on Wednesday morning, saying he was going to move his auto.

They said a single gunshot was heard moments later, police announced.

In its February ruling, the court highlighted Mr. Blesa's role as the architect of the fraudulent corporate credit card scheme that Mr. Rato then extended when he took over at Caja Madrid.

Caja Madrid, once Spain's "main regional savings bank", formed Bankia in a merger with six other banks in 2010, after an "ill-fated" flotation was bailed out by the Spanish government in 2012.

Among those who were also convicted over the affair was Rato, who chaired Bankia for two years until just before it was bailed out in 2012.

His co-defendant Rodrigo Rata, one-time head of the International Monetary Fund, was sentenced to four and a half years.

But he was released after only a few days and a court later acquitted him.

Mr. Blesa, a former official in Spain's Economy Ministry, became chairman of Caja Madrid in 1996.

Latest News