The president of the National Securities Market Commission (CNMV), Carlos San Basilio, stated this Wednesday that the failed integration between Indra and the Escribano family company (EM&E) constituted a "clear" conflict of interest.
Ángel Escribano held the presidency of Indra at the same time that the technology company was analyzing a possible integration with his family business, managed by his brother. Finally, Escribano resigned from the presidency of Indra and EM&E backed down from the merger due to alleged pressure from the State Industrial Holdings Company (SEPI).
During his appearance before the Economy Commission of Congress, where he was testifying to report on various matters of the supervisory body, PP deputy Irene Garrido asked San Basilio for explanations on this case and on the "worrying intervention" that, in her opinion, the Government would have exercised in Indra.
San Basilio explained that the stock market supervisor applied enhanced surveillance to this operation due to circumstances that went beyond mere public capital participation. "Certain circumstances existed beyond the presence of the public sector that led us to be especially vigilant," he asserted in the Lower House.
In this context, the head of the CNMV specified that one of the key elements justifying this intensified supervision was the existence of a possible integration with a company that generated a "clear conflict of interest due to a transaction with a related party."
Given this situation, the CNMV informed Indra of the obligation to activate specific mechanisms to adequately manage said conflict of interest. San Basilio indicated that the body maintained constant dialogue with the company and emphasized the importance of the protocol "being made public and being known information."
"Regarding market abuse in operations that generate so much noise in the market, we are always attentive to what information may affect the market and to what extent it is really rumor or if there is some truth behind it," he concluded.
The president of the regulator also stressed the need for relevant data to reach investors in a verified manner and not through leaks or unconfirmed comments, pointing out that "it is information that the market should have, not through rumors, but confirmed by the parties," which, in his opinion, demonstrates the CNMV's commitment to transparency and investor protection.
San Basilio added that some of the communications disseminated by those involved in these processes have been made following formal requests from the CNMV, so that part of the information that the actors involved in this entire procedure have had to make public has been issued at the request of the supervisor.
Public and Private Companies Are Supervised Equally
In relation to companies in which SEPI has a stake, the president of the CNMV emphasized that the presence of public capital in a listed company does not alter the type of supervision applied, assuring that, when it comes to a company with SEPI participation, the same requirements are sent to it and the same obligations are demanded of it as any other firm without public sector presence.
Similarly, he highlighted that both companies with public participation and private companies "respond in the same way," which, in his opinion, demonstrates the "respect" shown by listed companies, management companies, and all entities under the CNMV's supervision. He also praised "the speed" with which they usually respond to the body's requirements.
The head of the supervisor insisted that there is no difference in the requirements depending on whether or not the public sector is involved in the company's capital, and reiterated the CNMV's commitment to equal treatment in the supervision of all listed companies, regardless of their shareholding structure.