Spain's stock market regulator on Saturday abandoned an investigation into alleged financial irregularities in the sale of brokerage firm FG Valores to global investment bank Merrill Lynch in 1996. Given a lack of evidence of wrongdoing following an inquiry, the regulator (CMNV) said it was closing the file on the case, in a statement published overnight.
When it was sold to Merrill Lynch FG Valores was owned by Francisco Gonzalez, now the chairman of Banco Bilbao Vizcaya Argentaria, Spain's second largest bank.
Noting that allegations dated from almost nine years earlier, the CNMV said this made it "practically impossible to establish with any accuracy the true nature and scope of the alleged irregularities."
Following a meeting Saturday morning of its executive committee the watchdog agreed to disband its 12-strong committee of inquiry and close the case.