By Jesus Aguado
MADRID (Reuters) – Madrid court reduces compensation for banker Andrea Orcel for retiring Santander (MC 🙂 CEO’s job offer to around € 16 million ($ 18.30 million) for € 51.4 million, according to a court document du. Reuters showed up on Friday.
Orcel and Santander ended up in court after Spanish major banks dropped plans to make UBS a former chief investment banker due to a disagreement over his salary. Orcel has already left UBS to prepare for a new role.
The change in court comes after Orcel and Santander asked the court for instructions about the 35 million euros allocated to the Italian banker on December 10, according to the document.
Neither the court nor Santander or Orcel’s legal team were immediately present for comment.
In December, Madrid judge Javier Sanchez Beltrán said Santander’s Orceli job offer letter was a binding contract and the verdict is still in force.
But in a court document seen on Friday, Sanchez Beltran acknowledged that there had been an error in the December ruling, and that Orcel had no right to a tax equalization within the purchase clause.
Orcel was entitled to receive $ 18.6 million in the purchase clause without tax equalization, the judge said.
“The offer letter never mentioned tax equalization,” Sanchez Beltran added in his written judgment.
($ 1 = $ 0.8745)
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