A High Court judge on Friday indicted former businessmen's confederation (CEOE) president Gerardo Díaz Ferrán and an associate on charges that they embezzled 4.4 million euros from his Marsans travel agency.

Judge Santiago Pedraz backed prosecutors' charges that Díaz Ferrán's mismanagement forced the sudden closure of Viajes Marsans in the summer of 2010, leaving some 4,700 people out of work in the middle of a dire economic crisis and accumulating some 400 million euros in debts. Diaz Ferrán and his partner Gonzalo Pascual face between one and six years in prison if convicted.

Both men were subpoenaed to appear before Pedraz to testify on February 21 and 22.