OCU To begin legal action over BANKIA flotation

OCU will initiate legal action to recover the money lost by the thousands of shareholders of the rescued bank. Their losses are not the result of bad luck but bad management.

Shareholders who participated in the 2011 share issue, when the company went public with the approval of the regulators, have effectively lost all their money. These thousands of shareholders have suffered a loss of 99% of their money, not due to market developments, but because of the difficult financial situation of the institution.

Following the publication of the recent report by experts from the Bank of Spain, it is clear that the company did not provide a true picture of the financial position of Bankia, which led thousands of small investors to buy shares in the company, a decision that most would not have taken had they known the real situation of the institution, as established by law.

Information about the Bankia IPO is directly related to a brochure which did not reflect the reality of the bank; neither did the financial statements of Bankia reflect the real situation.
Although, at the end of 2011, it boasted total assets of about 300 million euros, on 25 May, 2012 the company declared technical bankruptcy with a hole of 23,465 million euros, which meant having to be rescued by public money from the state.

In particular, the action is aimed at people who took part in the IPO or bought shares up until the nationalisation of the bank.

OCU will continue to push on all fronts to find a solution to this massive swindle, apart from via the courts; and will provide information on any progress or change in the situation.

Those affected may join this action here http://www.ocu.org/dinero/nc/calculadora/accion

To seek the annulment of the Bankia process due to the incorrect information provided in the IPO, to reclaim money invested and also interest on arrears.

OCU recommends that all those affected collect together all possible documentation, namely:

• Share application form
• Certificate of inheritance (if the original owner has passed away)  

For further clarification regarding this action OCU is making the number 900 901 334 available to all concerned.
  
For more information (media) Eva Jimenez Tel. 917 226 061 prensa@ocu.org