BusinessCompany NewsSantander head faces tax evasion trial

Santander head faces tax evasion trial

The head of the Spanish Bank attempting to takeover UK high-street rival Abbey has been ordered to stand trial over allegations he helped clients to evade taxes.

Emilio Bot¡n, chairman of Santander Central Hispano, Spain’s largest bank, was told by Madrid high court judge Teresa Palacios that he will face prosecution for the selling of investment products in the 1980’s, which the court claims helped clients evade tax.

The judge said that the Spanish treasury had been cheated out of ? ¬85m (£58m) in tax revenue.

Three former Santander executives, along with 28 clients who purchased the products, will also stand trial for the alleged crimes.

The order comes a week before Santander shareholders vote on the agreed £8.9m takeover of Abbey, the UK’s sixth largest bank.

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