Gecina receives €30m following a settlement agreement with CaixaBank
Gecina has reached a settlement agreement with CaixaBank (subrogated to the rights of Banco de Valencia) in connection with discussions concerning a pledge guaranteeing a loan operation on Gecina shares, whose validity was disputed by Gecina. Under the terms of this agreement, Gecina has received €30m.
This settlement agreement is part of the recovery proceedings initiated by Gecina, following the ruling on March 11, 2015 by the Criminal Court, confirmed by the Court of Appeals on December 5, 2018, recognizing Gecina’s claim for damages due to the unlawful actions of its former executive Joaquín Rivero.
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Gecina to recover €55m of damages following the criminal conviction of its former manager, Joaquín Rivero
After nearly 10 years of proceedings, Gecina has been awarded part of the damages caused to it by the unlawful actions of its former manager (2005-2010), Joaquín Rivero.
Paris, France, December 5, 2018