The President of Bancaja, José Luis Olivas, has called a board meeting to present his resignation. Actual vice president, Antonio Tirado, is reported to replace him. It comes a week after the Shareholders Junta of the Banco de Valencia started legal action against Tirado, claiming compensation for what they see as the prejudice done through his management. The choice of Antonio Tirado is raising more than a few eyebrows given he has already been indicted for false accounting, unfair administration and corporate crime at his time managing the Banco de Valencia. He was indicted with other administrators in the Banco de Valencia, and the case was admitted to Instruction Court Three in Valencia, in the last week of March, supported by 137 shareholders. Tirado said that he had not resigned ‘because nobody can say how much was lost’.
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