The National Securities Market Commission (CNMV) has fined the Mexican magnate 300,000 euros David Martinez Guzman, the largest shareholder of Banco Sabadell with 3.495% of the capital, for “having breached the duties of information” in relation to the communication of significant holdings in shares of the financial institution.
The CNMV considers that it is a “very serious” offense of the Securities Market Law and this is stated in a resolution published this Thursday in the Official State Gazette (BOE).
This sanction, which the supervisor imposed on the call ‘Amancio Ortega Mexican‘In October 2020, it has been declared final in administrative proceedings, so it is subject to judicial review by the Contentious-Administrative Chamber of the National Court.
Martínez Guzmán, born in 1957 in Monterrey (Mexico), was appointed director of Banco Sabadell on March 27, 2014.
The Mexican magnate, who has an MBA in Business Administration from the Harvard Business School in Boston (United States), he is also president and director of Fintech Advisory, director of Alfa and director of Vitro.
Fine to Russian investor Ivanov
The BOE also publishes a fine of 75,000 euros to the Russian investor Andrei Ivanov for having breached the reporting duties of significant holdings in Nyesa.
Ivanov came to have 6.33% of the capital of this company in 2018, being then one of its reference shareholders, but currently does not have any participation in the company.