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Caja Navarra scandal
The Caja Navarra scandal unraveled in 2012 after the absorption of Caja Navarra (CAN), integrated in the financial conglomerate Banca Civica, by CaixaBank (3 August 2012). Caja Navarra lost all its worth, causing its actual demise. Caja Navarra's acronym and brand CAN was kept converted into a foundation. The highly controversial crash of the institution gave way to a demand of responsibilities.
==Approach==
Caja Navarra (CAN) is a merger of two entrenched savings banks renowned for their proximity to the Navarrese people, and considered a sign of identity, as well as a symbol of Navarre's economic solvency and autonomy. In the 1980s and 1990s, 43% of the money of the Navarrese was held in either of both institutions, representing the prime financial institution in Navarre.
After the fusion of the savings banks Caja Provincial de Navarra and Caja de Ahorros Municipal de Pamplona in 2000, the re-founded institution undertook a series of financial operations and expansion of its branches out of Navarre (including a representative office in Washington). As a result, CAN's assets plummeted.
The savings bank became insolvent in 2012 after years of asset-stripping, including the mysterious disappearance of its artistic collection. The fallout of the scandal affected high- and mid-ranking officials of the regional party UPN (Unión del Pueblo Navarro) who held political and managerial positions both within the bank and the Government of Navarre.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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