The United Kingdom has seized four bank accounts belonging to the Cervantes Institute worth 805,808 euros from Spain, to cover Spain's non-payments in the Infrared case.
This was one of the companies that invested in renewable energy in Spain, attracted by attractive bonuses during the Government of José Luis Rodríguez Zapatero that the Government of Mariano Rajoy suppressed retroactively and that has generated a complete judicial tumult for the country.
Spain has already accumulated 25 rulings against this decision in the International Court of Arbitration of the World Bank (ICSID), but given its refusal to pay compensation, those affected are turning to the Justice of their respective countries.
The Infrared case began in 2014 and came to an end in August 2019, when an award was published that was confirmed in March 2021. The complaint claimed compensation of 75.7 million euros, which was reduced to 28.2 million euros once the final sentence was known.
Due to late payment interest and costs orders, the obligations associated with this case are increasing progressively. The first has added 4.8 million euros to the amount owed by the State, while the second has increased the obligations by another 4.5 million.
The asset seizure process began last April, with the precautionary seizure of two properties: the headquarters of the Cervantes Institute in London and the headquarters of the economic promotion body of Catalonia, Acció.
The total compensation recognized to date represents approximately 0.1-0.2% of Spanish GDP, but will continue to increase if Spain maintains its position of refusing to pay them.
The United States government warned in its latest country report about the effect of these non-payments, while the Chamber of Commerce of the North American country appeared in court to demand measures to put an end to these non-payments.
The authorization of new embargoes is also expected in Australia, where the Supreme Court has also ruled against Spain and has ordered the recognition of the debts suffered by the companies and investors to whom compensation was recognized.
