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The judge investigating embezzlement of public funds in the so-called ERE case has imposed bail of €29bn on EIB vicepresident Magdalena Álvarez for possible civil liability;

    13.03.2014

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    EIB vicepresident to post €29m bail in corruption investigation

    Magdalena Álvarez, the Spanish vice president of the European Investment Bank, has been required to post €29m in bail for possible civil liabilities by the judge investigating the so-called “ERE case”, reports El Diario. Álvarez, who was minister for public works in Zapatero´s first term, was indicted for mischief and embezzlement last year in connection with a scheme which siphoned off public funds from the Andalusia regional government in 2001-2011 by means of fake early retirements, collective layoffs, or consulting services. Now the investigating judge Mercedes Alaya rgues that Magdalena Álvarez as finance councillor in the regional government for 10 years to 2004 was partly responsible for the creation of the fraudulent ERE scheme and thus is potentially liable for part of the embezzled funds. It is expected that Álvarez will appeal the judge’s decision as otherwise she may have her property seized.

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