The Popular Party urges the president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, to investigate the Government’s actions in Indra and has formally registered a request for him to appear in Parliament. In it, the parliamentary spokesperson for the PP, Cuca Gamarra, demands that Buenaventura “explain what happened in Indra” and also “the implications that a concerted action by several shareholders incited by the Government of Spain would have.” The participation of the Government in a concerted action would mean a government trap to control Indra without launching a Public Offer for the acquisition of Shares (OPA).
Buenaventura himself has previously declared that he sees the dismissal of independent directors in the listed company Indra with the support of the Government as “striking and worrying” and has assured that he will analyze the case. According to the PP, the operation “must be investigated by the CNMV”
With the request to appear, unusual for a senior official who is not a member of the Government, the PP wants to ensure that Buenaventura, although he chairs a theoretically independent body, does not end up disregarding possible violations of the Securities Market Law and the Code of Good Governance perpetrated by the Executive itself, through the State Society of Industrial Participations (Sepi) and its shareholder allies, the Basque group Sapa and the financier Joseph Oughourlian, who is also president of the communication group Prisa. “We demand urgent explanations from the Government and to know the position of the CNMV,” says Gamarra on his twitter account.
The PP also requests the appearance of the Minister of Finance, María Jesús Montero, to explain “her possible intervention in favor of a concerted action by several shareholders that must be investigated by the CNMV.” The choice of Montero as appearing responds, according to PP sources, to the fact that Sepi depends on the Ministry, which is the main shareholder of Indra with 25% of the capital. Sepi managed, together with Sapa, dependent on the orders of the Ministry of Defense, and the president of Prisa, to expel four independent directors and stop the re-election of a fifth director at the shareholders’ meeting this Thursday by surprise and through deceit. Indra’s share has fallen by nearly 15% after this government control maneuver without launching a takeover bid.
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