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May 30, 2022 View:

Spanish Wine Giant Garcia Carrion Takes on Investment Bank Goldman Sachs

Spanish wine giant J Garca Carrin recently went to court with investment bank Goldman Sachs over one of its former executives, according to The Drink Business.

Photo courtesy of: Le Wine Guest

Garcia Carrion is one of the largest wine producers in Spain, founded in 1890. The company produces wines in 10 Spanish regions, including Rioja and Ribera del Duero.

The wine brands produced include Mayor de Castilla, Via Arniz, Marqus de Carrin, Antao, Seoro de los Llanos, Pata Negra and joume Serra, among others.

The lawsuit began when Goldman Sachs sued Garcia Carrion for $6.2 million (about Rs. 40.44 million) for failing to pay for two transactions related to financial derivatives.

Currently, Goldman Sachs is also facing an investigation in Spain for allegedly selling unauthorized foreign exchange transactions to a former executive of Garcia Carrion. The Spanish court is primarily investigating whether Goldman Sachs, the former Garciacarrion executive, and Bankia Spain should be prosecuted for alleged mismanagement and falsification of accounts. On the other hand, Garcia Carrion and Goldman Sachs are also fighting a lawsuit in the High Court in London.

The news, originally sent by The Times, reported that Goldman Sachs denied the allegations, while accusing Chateau Garcia Carrion of trying to delay or avoid paying its debts, and said the Garcia Carrion chairman was also aware of what was being argued.