Valencian Government Faces Investigation Over Purchase Of F1 Organizer Valmor

Valencia's District Attorney "began a criminal investigation on suspicion of embezzlement of public money" in the Valencian Government's purchase of Valencia F1 race organizer Valmor, according to EL CONFIDENCIAL. Valencia's District Attorney is "reviewing charges presented" by socialist group Las Cortes Valencianas on April 25. The group claimed that "it is not clear what the general interest was for this use of public money." EL CONFIDENCIAL

The EP reported the Valencian Government bought Valmor in '01 to "be able to continue hosting an F1 Grand Prix in Valencia." To the socialists, "the Valencian Government could have committed embezzlement of public funds by using money from Valencians to buy an organization" that was known to have a debt of more than $50M. EP

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