JUDGES have ordered two former chairmen of Caja Madrid and Bankia to repay a total of €19 million by today or face having assets seized.
Rodrigo Rato, former IMF chief and Bankia chairman, and Miguel Blesa formerly of Caja Madrid, have been ordered to pay the money following a credit card scandal that has rocked Spain.
Rato must pay €3 million and Blesa €16 million to the High Court on Wednesday, to cover possible civil penalties.
Lavish spending on credit cards handed out to Bankia and Caja Madrid executives and directors reached a reported total of €15.5 million between 2003 and 2012.
A total of 86 people are accused of using the ‘magic’ cards and many senior politicians have also been caught up in the scandal as well as royal officials.
It’s alleged that the cards were misused and personal expenses were put on the cards including clothing, restaurant bills, recreational travel expenses and personal withdrawals.