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General

Vodafone Spain ordered to pay former Ono director over EUR 18 mln

Tuesday 3 December 2019 | 14:38 CET | News

The High Court of Justice of Madrid has ordered Vodafone Spain to pay Carlos Sagasta, the former chief financial officer at Ono, at least EUR 18 million in compensation for unpaid bonuses following its 2014 acquisition of the broadband provider. In the judgment seen by business daily Cinco Dias, the court ruled that Sagasta is entitled to EUR 12.55 million in damages for two unpaid bonuses plus a 10 percent annual surcharge. Vodafone has already lodged a cassation appeal against the decision before Spain’s Supreme Court, added the report.

After acquiring Ono for EUR 7.2 billion, Vodafone dismissed and then sued its former chairman Jose Maria Castellano, CEO Rosalia Portela and CFO Carlos Sagasta for a total EUR 140 million in damages. The UK operator subsequently reached a settlement with the Spanish tax authorities over tax fraud at Ono, agreeing to pay around EUR 60 million in 2015, and was ordered to pay Castellano EUR 30 million in unpaid bonuses in 2017.


 



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Categories: General
Companies: Ono / Vodafone Spain
Countries: Spain
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