Palma.—It wen t to the wire, as the Bulletin reported it would yesterday, but the former Balearic President and Spanish Minister for the Environment, Jaume Matas, managed to save his three Palma properties from being auctioned by the Bank of Valencia to which he owes nearly one million euros.

It was the Bank who loaned him the three million euros he needed to meet bail when implicated in the Palma Arena velodrome corruption case.
But, a few months ago, the bank called in its loan which Matas has been unable to pay, hence the threat of the auction.
Nevertheless, after having declared himself bankrupt in a Madrid court last week, yesterday morning, just hours before the auction was due to begin at 10.30am, Matas managed to reach a deal with the Bank.

According to court documents released to the press yesterday, Matas has agreed to pay the bank the remaining 500'000 euros he expects to have returned once he has completed honouring all his bail requisites while in the mean time he has given the bank one of his three Palma properties.

Matas has handed over an apartment he inherited from his family which is located along the Ramblas and valued at 450'000 euros.
Providing he manages to honour this latest deal, then his debts to the bank will eventually be cleared and he will have managed to have clung on to his remaining Palma properties while the Palma Arena case continues.

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