The CNMV suspended trading of Urbas after a complaint of Anti-Corruption for alleged fraud

The Comisión Nacional del Mercado de Valores (CNMV) has decided to suspend "precautionary measure" the price of Urbas Grupo Financiero on Stock Exchanges and in SIBE, having received a letter from the High Court in which it is reported which he is investigating the company and its president by a complaint from the Anti-Corruption Prosecutor pointing to an "alleged crime of fraud" as has been reported. As confirmed by judicial sources to Ep, Tuesday judicial police raided the headquarters of the group in Guadalajara and Madrid, to look for evidence of these alleged violations, as he announced "information". Thus, the Prosecutor considered that managers misrepresented the value of its last capital increase by an alleged overvaluation of some of their farms. At the close of market on Wednesday, the CNMV suspended its contribution for attending "circumstances that could disrupt the normal course of operations." Titles finalized the session up 6.25% to 0.017 euros a price so that its capitalization amounted to some 11.4 million euros. Since the year began, when their titles marked a price of 0.012 euros, Urbas has experienced a revaluation of 41.6%. XTB analyst has downplayed the rise, and the least they can move the titles with a nominal value as low is 6%, as explained Ep. "The movement is nothing exceptional or flashy," he assured. Now, the regulator announced the suspension of trading has been adopted following a letter from the Central Court of Instruction No. 4 National Court in which it is reported that this court "distraint brought under one continue to be received the Anticorruption Prosecutor complaint "against Urbas president, Juan Antonio Ibáñez, Urbas Grupo Financiero and" others "for the investigation of an alleged crime of fraud, offenses relating to market and corporate crime of unfair administration. The majority shareholder of the group is its own president, Juan Antonio Fernández Ibáñez, whose participation, which held through Robisco Investment amounted to 27.795%. The portion that counts Juan Antonio Acedo Fernandez through Quamtium Venture, is similar, of 27.719%, and becomes the second shareholder. Alza Real Estate, with 19.79%, is the third largest shareholder of the company, a stake valued at 2.26 million euros. José Antonio Bartolomé behind Nicolas (5,266% stake in the company), external director of the company, and society Artagar (5.232%) are located. A capital unsupported In 2015, Urbas made a capital of 30,759 million new ordinary shares of EUR 0,010 par value, for a total amount of 307.59 million euros, with total issue premiums 76 millions of euros. Thus, the total amount of the issue was 384 million euros through the nonmonetary contribution of 100% of the share capital of the company Aldira property investments. More than two years later, these actions are still pending admission to trading. Urbas Grupo Financiero is in the list of defaulters of the Ministry of Finance for a debt of 6,672,895 euros.


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