CAM bankers wanted in embezzlement probe

LAST UPDATED: 19 Nov, 2013 @ 19:45
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CAM bankers wanted in embezzlement probe

A WARRANT is out for the arrest of five bankers accused of embezzling funds from failed bank Caja de Ahorros del Mediterraneo (CAM).

A Madrid judge has also ordered the searching of premises including lawyers´offices in relation to the charges.

Judge Javier Gomez Bermudez is looking into the allegations, and considering whether the five suspects knew about, or should and could have known about, the state of CAM´s assets before it collapsed.

Police have already detained two executives, including the former managing director Robert Lopez Abad.

The regional savings bank was taken over by Banco Sabadell in 2011 after losses linked to real estate loans wrecked its business.

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