The Bank of Spain imposes a fine of 540,000 euros on Sociedad de Tasación and its directors and general director

The Bank of Spain has imposed a fine of 540,000 euros to the Appraisal Company for a “very serious” infraction after presenting deficiencies in its administrative, technical or personnel organization or in its internal control procedures.

According to the organism, due to such deficiencies the capacity of the entity has not been assured to know the situation and conditions of the real estate market in which it operates, the uniform compliance with the applicable valuation standards, its professional independence from shareholders or clients or the control of the incompatibilities obligations to which the professionals at its service are subject.

Furthermore, for the same reasons, the Bank of Spain has imposed individual fines to the members of the company’s management body. The largest amount of sanction has been for the CEO of Sociedad de Tasación, Juan Fernández-Aceytuno Sáenz de Santa María, who faces a fine of 16,000 euros.

In the case of the company’s general director, Tomás Nicolau Camino, the fine amounts to 12,000 euros. Meanwhile, the president of the company, Ignacio Morer, has been fined 6,000 eurosas well as the directors Marcelo Rodrigo González and Fernando Carlos Martín Yáñez.

For his part, the director of the Appraisal Society, Ignacio Estevas Guilmain, faces a fine from the Bank of Spain for the amount of 4,500 euros and the president, Ignacio Morer de Llorens, for the amount of six thousand euros.