The Provincial Court of Santa Cruz de Tenerife has given reason to Council of Tenerife for the second time in a lawsuit to recover 5,253,723.68 euros that the insular institution claimed as money paid unnecessarily as banking products —swap— Hired by previous island governments that were inefficient and caused economic damage to the island’s public coffers.
To this amount must be added the interests that have been generated from the date of the claim, details the corporation in a note.
The facts date back to 2011 when the insular government (CC) contracted ‘swaps’ products with banks to finance debt amortizations, operations that were detrimental to the public coffers of the Cabildo since payments continued to be made once the payment of the loans.
Despite the fact that there were Supreme Court rulings in 2016 invalidating said payments, the previous political leaders never claimed the return of public money to the banks, they point out from the Cabildo.
It has been in this mandate, he points out, when action has been taken to judicially claim the return of public money, the procedure being about to expire, since no action had previously been carried out to recover it.
The Cabildo highlights the work carried out by the “prestigious” jurist from Tenerife, José Luis Sánchez-Parodi, who recently died, whose “successful management” has allowed the island corporation to recover public funds on two occasions.
Thus, there are already two rulings in favor of the island corporation, which plans to recover more than six million euros of public money for these banking products.
The previous sentence, dated March 8, 2022, established that the amount of 791,710.52 euros should be paid to the Cabildo de Tenerife, which is added to those of the current judicial resolution, of more than 5.2 million euros, plus interest.
The insular president, Pedro Martín, indicates that they were “surprised” that the previous corporation did not require the banks to return money “that has been shown to have been improperly collected.” “We have done what we had to do, defend the interests of the Cabildo, and justice has proven us right, he adds.
