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Filmax boss cleared of fraud

Charges related to time at Ivex in early 1990s

MADRID — A Barcelona court has acquitted Filmax chairman Julio Fernandez of alleged fraud while heading up Barcelona-based film distributor Ivex Films in the early 90s.

Fernandez had been accused by a state prosecutor of transferring Euros47.5 million ($74.3 million) from Ivex coffers before putting the company into Chapter 11 in 1991.

In a ruling made public Friday, a judge cleared Fernandez of charges, determining that his defense had presented proof that Fernandez had paid all creditors.

In a statement, Fernandez “lamented the damage — some of it irreparable — which the court case has caused to the image of my moral solvency, due to the ill-intentioned publicity surrounding the case, which portrayed me as guilty of all the charges brought against me, long before the verdict.”

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