• Policy. The IVF admits that Ximo Puig was interested in the Iberian Press operation
  • Politics The Ximo Puig brother's 'subsidy hunter' network splashes its partners
  • Valencian Community. The PP expands the complaint for subsidies to companies of brothers of Puig

The Valencian Institute of Finance (IVF), reconstituted as a public bank, allowed President Ximo Puig to collect 18,780 euros between 2016 and 2018 in dividends for his shareholding in a debtor company of the Generalitat and to which, one year later, the institute itself , along with its large bank creditors, applied a 70% write-off of a joint debt.

The company at the center of the operation is PECSA (Promociones y Ediciones Culturales SA), editor of the Mediterranean newspaper of Castellón, of which the Valencian president has 210 shares valued at 177,886 euros since the 1980s, the time when he served as a journalist in the newspaper and invested in its capitalization.

Until April 2019, 85% of this company was owned by the Zeta Group, holder of a union loan for which it owed the IVF 1.8 million, which in its day was allocated to the failed El Periódico de Alicante project .

Debt restructuring left decisions such as the distribution of dividends in the hands of creditors. In 2016, Caixabank communicated to PECSA's other creditors the will to distribute 560,000 euros each year, of which 84,224 would correspond to small shareholders, including local entrepreneurs who had not collected them since 2007.

Needed simple majority

In a resolution of May 2016, after favorable reports from the technicians, the director of the IVF, Manuel Illueca , agrees to this distribution, which leaves Puig a global profit of 18,780 euros.

"The authorization required the simple majority of the bank pool , being in practice irrelevant the IVF decision, whose percentage of the total syndicated debt was below 2%", they assure from a public bank to rule out that the administration's decision sought the benefit of its maximum representative.

The opposition, led by the PP, has put the magnifying glass on Puig's relationship with PECSA for a year, when its sale to the Prensa Ibérica group was formalized with a 70% debt reduction, which in the case of the IVF meant forgive 1.3 million euros. "He is a suspected president," a party spokesman said Monday.

Deloitte's reports were used to justify the reduction and pointed to the difficult return of more than 24% of the capital loaned as it is an "impaired asset".

To do so, the Government had to approve a decree that developed the powers of the public bank, which should include decisions on this type of asset. Although from the IVF it was rejected that it was an ad hoc decree to favor this sale, it has only been applied in this case.

Four million in institutional advertising

The acquisition of Mediterráneo made Prensa Ibérica (publisher of Levante and Information ) the most powerful media group in the Valencian Community, which receives nearly 4 million euros in institutional advertising, and Puig as its partner, although with a testimonial percentage that does not reach 1%.

"It doesn't look very aesthetic. Puig is a president who has benefited from more than 18,000 euros in dividends from a company that in the end was in another that was rescued by the Generalitat itself, "denounced the popular deputy Rubén Ibáñez .

The PSPV insists that the distribution of dividends was authorized by "the banks that managed most of the debt" and recalls that the IVF had to restructure the debt with Zeta for the "ruinous loan" granted under the mandate of the PP.

According to the criteria of The Trust Project

Know more

  • Ximo Puig
  • Valencian Community
  • PSOE

Supposed payments in blackThe PSOE defends that Rafael Simancas has nothing to do with Punica: "It is a case of corruption of the PP"

PoliticsPablo Iglesias tests his control in Valencia but does not prevent internal war

PoliticsValencia receives the Kings: the Socialist Deputy Mayor asks to "rethink the state model"

See links of interest

  • Last minute
  • Programming
  • Spanish translator
  • Valencia Calendar
  • 2020 calendar
  • Horoscope today
  • League classification
  • Santander League Calendar
  • Movies today
  • Themes
  • Levante - Real Sociedad
  • Tottenham Hotspur - Everton
  • Seville - Eibar