Hearing absolve one of fraud Lorenzo Sanz, president of Real Madrid

Section No. 2 of the Provincial Court of Madrid has acquitted former president Lorenzo Sanz Real Madrid and his wife of a crime of fraud , insolvency and corporate crime punishable according to words of the judgment dated September 30, 2013 after the trial in May last year .

According to the Provincial Court of Madrid, comes a statement of acquittal for accused " by applying the principle of presumption of innocence " enshrined in the Spanish Constitution , " the record does not proof enough about deception invoked to describe the facts of fraud " .

As for the accusation of an offense punishable insolvency , both are absolved that " there is no evidence their participation " in fact. " No insolvency occurs when favoring creditors did not constitute criminal conduct selection priority for payment of debts , making a charge creditors in preference to cars," he adds.

You also understand that since it is not established or the crime of fraud , nor that of falsity , nor the uprising , " Nor can this type of crime to miss the main element consisting be responsible for any criminal act ."

According to the Office of Madrid , Sanz requesting to six years in prison and two for his wife , the wife of Lorenzo Sanz Mancebo was the sole director of the company Refinsa SL, while her husband was Nuada society . SA , both of some land owners in the suburb of San Fernando de Henares.

Sale of land

In June 2003 the two companies agreed to sell fifty percent of these lands , under the price of nearly nine and a half million euros, the company NumAm SA

Given that prices had rocketed upward and the contract was not a public deed , societies and Nuada Refinsa also agreed with the trial José Antonio R. R., S. NumAm largest shareholder A. processing and James S. S. sole director of NumAm S. A. - both also have been acquitted - the new sale of the property , this time after termination of the above, for a much higher price and do not fifty percent of the land but one hundred percent .

They agreed and , according to the prosecutor , sell all the land to the company Coperfil worth € 52.5 million , almost three times the price of the sale initially referred . The July 28, 2005 the sale was made , which was deeded publicly on 13 September of the same year.

Defendants Jose Antonio R. R. and James S. S. hid the new agreement partners Numan S. A. , contrary to this operation to be aware that the land purchased by them should remain in his possession by the increase in land prices .

In July 2005 S. Refinsa societies L. and Nuada S. A. wanted to return twice ten million euros to Numan S. A. by the value of land for the sale canceled. And since Numan S. A. refused to accept , Lorenzo Sanz and his wife decided to stay with the ten million subscribers over the nearly 30 million Coferfil that had been deposited in their societies.

" Accused Maria Sanz and LD lack of any real property , property , property and / or assets to meet the costs that the complainant Numan SA had paid for the land , plus interest established by a court of First Instance of Madrid in respect of compensation , for a total amount of just over 16 million euros , "said the prosecutor.

Refinsa Society was declared bankruptcy in June 2008 , disappearing its original asset and charged € 40 million for the land .

According to the prosecutor , " Nuada society hid its assets in foreign operations without any basis and without any economic performance . Creditors have no way to attach any good ."