Ex-Caja Directors Face Payout Investigation, Cinco Dias Reports
Former executives of Novacaixagalicia, the savings bank that received a 2.5 billion- euro ($3.3 billion) bail out from Spain last week, face an investigation over million of euros in payments they received on leaving the lender, Cinco Dias reported.
The new management, headed by Chairman Jose Maria Castellano, will examine the payments after Novacaixagalicia was taken over by Spain’s bank rescue fund last week, the newspaper reported, citing people familiar with the process.
Former managing director Jose Luis Pego was paid about 8 million euros in pension contributions and compensation when he left the bank in September while Javier Garcia Paredes and Oscar Rodriguez, who served as deputy managing directors, received about 7 million euros, the newspaper said