CEO Banned From Being A Banker Can Still Bank, Says Spanish Government

alfredo saenz

Photo: Crisis

After being banned from being a banker, Santander’s CEO can still bank, says Spain’s outgoing Socialist government.The government has just granted a “partial pardon” to Alfredo Saenz, the chief executive of Banco Santander, for making false criminal accusations in a case that dates back to 1994, MarketWatch reports.

What happened was he made false claims while he was the president of Banesto back in the 1990s, which was later acquired by Santander.

During that time, Saenz sued four debtors in order recoup about $5 million (3.8 million euros) worth of loans made by Banesto, even though he allegedly knew they were innocent. 

All three of the debtors went to jail because of his accusations.  They were all later exonerated. 

In 2009, he Saenz was slapped with a EUR27,000 fine and a six month prison sentence.  However, earlier this year the fine was reduced to EUR400 and he received a temporary ban from working as a banker and faced a possible three month imprisonment. 

As part of the government’s pardon, Saenz will now only have to pay the maximum possible fine, the report said.

He will also be allowed to remain in the top post at Santander. 

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