27.05.2015 • NewsDede WillamsPeopleLa Seda de Barcelona

Ex-La Seda CEO Gets off Light in Embezzlement Case

Due to successful plea bargaining, two executives of former Spanish PET producer La Seda de Barcelona, now in liquidation - including former CEO Rafael Español - have escaped severe penalties for embezzlement of company funds and may possibly avoid jail time altogether, Spanish reports say.

Español has pleaded guilty to misappropriation of funds, a charge that carries a penalty of 11 months and 15 days. The prosecutor in the case being heard a Barcelona court had asked for a sentence of 27 years and six months.

The ex-CEO has agreed to pay a fine of €702 million, which is in part restitution for tax evasion.

Español and another manager, Antonio Comadrán, are said to have admitted diverting €12.2 million from La Seda's corporate coffers to other firms in a web of fictitious enterprises.

Six other men involved with companies in the alleged extortion network have accepted penalties of €1,500 and received sentences of seven months in prison. Other cases are still pending against principals of the erstwhile PET market leader, including Español.

Innovation Pitch

The Start-up Platform for Chemistry & Life Sciences
Discover Tomorrow’s Innovators

The Start-up Platform for Chemistry & Life Sciences

CHEManager Innovation Pitch supports innovation in the chemistry and life sciences start-up scene. The platform allows founders, young entrepreneurs, and start-ups to present their companies to the industry.

Whitepaper

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)
Setting the Standard

Excellence in Pharmaceutical Distribution and The Critical Role of Good Distribution Practice (GDP)

Are you ready to elevate your pharmaceutical operations? Download our exclusive whitepaper and discover how compliance with Good Distribution Practice (GDP) is essential for the safety and integrity of pharmaceuticals.