The TSJM declares firm the decision to recalculate the price of Rumasa 40 years later

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The Superior Court of Justice of Madrid considers the decision of recalculate the value of the Rumasa Group 40 years after its expropriation. The Contentious-Administrative Chamber has issued a new decree stating that no appeal has been filed by the State Attorney’s Office and, therefore, the decision adopted last July becomes final.

Then, and as EL MUNDO revealed, this judicial body accepted the Ruiz-Mateos family’s claim that the fair price of all the shares and participations of the business empire founded by José María Ruiz Mateos be set. The ruling recalls that the family quantifies it in almost 14,000 million euros and that an administrative procedure must be launched to recalculate it.

The Fourth Section of the Contentious Chamber adopted the decision against the criteria of the State Attorney’s Office, which maintains that the group’s assessment at the time of The expropriation presented a hole of more than 260,000 million pesetas and that, therefore, the fair price should be zero pesetas per share. An assessment that, he recalls, “was confirmed by the Third Chamber of the Supreme Court in all the judicial procedures that have been followed.”

Despite this, the defense of the Ruiz Mateos family, represented in this procedure by the lawyer Juan Manuel García-Gallardohas argued that the resolutions that were issued were not in accordance with the law as well as that positive fair prices were set in some companies of the group that have never been paid.

In this sense, the TSJM of Madrid understood that “in accordance with the ruling of the Supreme Court a new valuation of Rumasa shares must be carried out, SA, in view of the group’s consolidated balance sheet” so, in his opinion, “retroaction of the actions is appropriate.”

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