Spanish banker released on record £10m bail
Tuesday 31 January 1995
A star of Spain's 1980s financial boom, Mr Conde was chairman of Spanish Credit Bank (Banesto), the country's fourth-largest bank, until his alleged improper dealings brought the company to its knees in 1993. He has always denied responsibility for Banesto's "black hole" - a Ptas605bn capital deficit created largely by over-valuation of Banesto's assets. He was once a close friend of Felipe Gonzalez, the Prime Minister, and a frequent visitor to King Juan Carlos's palace.
He says in an account of his actions published in December that he fell victim to a campaign of political dirty tricks and was unwillingly cast as the black sheep of Spanish banking.
Mr Conde was dismissed as Banesto's chairman by the Bank of Spain, the central bank, at the end of 1993 for "gross negligence" following allegations that he had created a web of intermediary companies that bought and sold assets within the Banesto group.
During his six-year stint as chairman of the bank, the public prosecutor said, he and nine senior associates enriched themselves by systematicallygulling and defrauding Banesto's shareholders.
Banesto's current chairman, Alfredo Saenz, told a parliamentary commission last October: "In Banesto there have been cases in which money has not been lost, it has disappeared and somebody has it."
Arturo Romani, Mr Conde's former deputy chairman, who was detained with him, was also freed yesterday on bail of Ptas1bn.
Last April, Banesto was acquired at auction by Banco Santander after some Ptas780bn in public and private funds had been spent on salvaging it, in one of the biggest bank rescues recorded.
The Bank of Spain said that "the support of the entire banking system" was required to refloat Banesto.
JP Morgan, the blue chip US investment bank, helped Banesto raise more than $700m from the international markets in 1993.
- 1 VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
- 2 If you're not already angry about the migrant crisis, here's a history lesson to remind you why you really should be
- 3 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 4 Chaos breaks out in courtroom as father attacks killer of three-year-old daughter
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
Bank Holiday Monday opening times: Are Tesco, Asda and other supermarkets open today?
The nine most warmongering countries in the world revealed
Isis releases graphic video showing four Shia 'spies' being burned alive in Anbar, Iraq
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Black holes are a passage to another universe, says Stephen Hawking
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...