Former head of Spanish business confederation declared guilty of forcing bankruptcy

MADRID – The former president of the Spanish equivalent of the CBI, the CEOE (Confederación Española de Organizaciones Empresariales), Gerardo Díaz Ferrán was last week found guilty of forcing the bankruptcy of Viajes Crisol, a subsidiary of Viajes Marsans, travel agencies which he owned among many other businesses and properties. The sentence includes his preclusion from administering the assets of any person or company, as well as representing another person in any capacity. He, and the estate of his former business partner Gonzalo Pascual, must cover the deficit that created the bankruptcy as well as all court costs. He is at present serving a jail term on other business deals at the Soto del Real prison in Madrid. (Editor’s note: an article on the downfall of Gerardo Díaz Ferrán is in preparation. An extraordinary tale about greed.) (Original Source: 20 minutos)