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Rayet Loses a New Lawsuit against Bañuelos worth €249M

24 February 2020 – Brainsre.news

Three years ago, the Provincial Court of Valencia dismissed a claim filed by Grupo Rayet, chaired by Félix Abánades, against the Valencian businessman Enrique Bañuelos, founder of the real estate company Astroc, and its former equity company CV Capital. The Group was claiming €294 million in damages resulting from the overvaluation of assets in the IPO of the real estate company, which harmed the other shareholders of the company and, in particular, Rayet.

The court ratified an earlier ruling, issued in the first instance by the magistrate of Commercial Court number 3 in Valencia, Daniel Valcarce. Now, the Supreme Court has ruled not to admit appeal proceedings or the extraordinary appeal for procedural infringement by the plaintiff, whereby revalidating the original ruling of the Provincial Court of Valencia.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake