Chief Minister to assist in trial of Spanish entrepreneur

THE TRIAL of Spanish businessman Trinitario Casanova who is accused of trying to manipulate the value of shares in Banco Popular in 2008 by introducing false rumours into the market is due to take place in Madrid from April 25.

Having previously assisted the Spanish Stock Exchange Regulatory Authority in this matter, the Chief Minister Fabian Picardo has agreed that he will appear as a witness via video from Gibraltar when the case finally comes to court.

The basic charge against Mr Casanova is fairly simple and it is alleged that in order to try to protect an investment in the Bank’s shares which had been underwritten by a loan from a Dutch bank, he circulated a rumour that a consortium of Mexican businessmen was considering making a large investment in the Bank in order to see the share prices rise.

If convicted, the property developer from Murcia could face a sentence of two years although his defence team are expected to request that he be acquitted.