Former Development minister, Francisco Álvarez Cascos (PP), is giving evidence at a court in Madrid today over a text message sent in the run-up to the last general election concerning the country's fifth largest real estate company, Sacyr Vallehermoso.

The firm claims that the text was responsible for a 12% drop in the value of its shares between February 29th and March 4th during which period the Ibex-35 index fell by just 4%.

The message, which was received by several company employees, read: "Sacyr Vallehermoso set to file for bankruptcy. PSOE responsible for offering immunity and paying company directors to hold off until after the elections. Zapatero has put his job on the line. Pass it on."

According to a report in today's La Vanguardia, the message was traced to a mobile phone belonging to a company owned by Mr Cascos, Aquilium Spain, which, if true, the article suggests, may result in charges being brought against the former minister.