The former president of Spain's CEOE employers association, Gerardo Diaz Ferran, was arrested Monday in Madrid on charges of fraudulent conveyance and money laundering, officials told Efe.

The accusations are linked to the 2010 bankruptcy of Viajes Marsans, a tourism conglomerate Diaz Ferran owned with the late Gonzalo Pascual.

Hotel managers and tourism operators brought a case against Diaz Ferran and several associates in June, on grounds that they had concealed part of their assets in order to avoid paying judgments.

Spanish prosecutors accused Diaz Ferran of hiding roughly 45 million euros ($58.7 million) in assets.

The former managers of Viajes Marsans had already faced several lawsuits for their presumed bad management of the conglomerate as well as criminal cases for suspected embezzlement.

Diaz Ferran and Pascual purchased the Marsans travel agency in 1985 from the Spanish government.

Among the companies in which Marsans had a stake were Spanair, Pullmantur and Travel Bus.

In 1992 they founded the hotel chain Hotetur, in 1996 Air Plus Comet, of which Ferran was CEO, and in 2003 they took over the tourism operator Tiempo Libre and the Mundicolor brand.

Diaz Ferran has debts totaling 419.4 million euros ($547.9 million) and assets worth 5.66 million euros ($7.39 million), according to the bankruptcy admininstrators' report. EFE