Vodafone Spain loses Ono case
March 16, 2018
From David Del Valle in Madrid
Vodafone Spain has lost a legal case against the former top management team at Ono, the cable operator it bought in 2014 for €7.2 billion.
A Spanish Court has refuted Vodafone’s accusation of mismanagement on the grounds that the directors were diligent at Ono.
Vodafone had sued Ono’s former chairman José María Castellano, CEO Rosalía Portela and CFO Carlos Sagasta for €140 million in damages as a result of their management at the company prior to the sale in July 2014.
Last year Vodafone had to pay €30 million to Castellano in unpaid bonuses.
In 2015, Vodafone also had to pay €60 million to the Spanish tax authorities over tax fraud at Ono.