Corpfin fails in Banco Pastor court action

The claim was made after Banco Pastor refused to sell its stake in Sidecu, a sport centre management company, to Corpfin.

The investor had made a preliminary agreement to buy the bank's 20% share in Sidecu, carrying out due diligence on the business in 2008. But once the results of the due diligence were known, Banco Pastor decided to instead increase its own stake to 50%, withdrawing its shares from the market.

The case against the bank and a number of Sidecu partners was rejected by courts in La Coruna, with the judge ruling that a preliminary agreement to sell is not the same as an official contract.

It was also noted that Corpfin had not raised the necessary capital for the purchase ahead of the transaction deadline.

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