The former CEO of the Caja de Ahorros del Mediterráneo (CAM) bank, Roberto Lopez Abad along with the Business Director, Daniel Gil have been sent to prison with bail set at 1.5m for Abad and 400,000 for Gil.
They had been investing in the Caribbean with loans of up to 160million euros. The money was used to finance the acquisition of land and hotels in Mexico, Dominican Republic and Costa Rica.
The operation was directed through an entity based in the tax haven of Curacao (former Netherlands Antilles). In all 247 million euros was diverted to Curacao avoiding a tax claim of over 31.8 million euros in Spain.