Telefónica head faces charges

13 Jul 2005

César Alierta, the chairman of Spanish telco Telefónica, has been charged with insider trading and could face more than four years in jail. The charges relate to improper share deals made when Alierta was chairman of tobacco firm Tabacalera in 1997. Public prosecutors in Spain are seeking to reclaim EUR1.86 million in profits that he is alleged to have made as a result of the deals. Alierta, who left Tabacalera to become the chairman of Telefónica in 2000, says he will fight the charges.

Spain, Telefonica