スペインの30億0000'0000ユーロあまりの債務(借金)で倒産した海産物冷凍食品会社のPescanovaの子会社のAmerican Shipping(Uruguay),Medosan,Epripel,ASF,El Porverirの5社での隠された負債(借金)は最低14億0800万0000ユーロに昇る。
La red oculta de Sousa en Pescanova
La firma enmascaró 480 millones con operaciones en cinco empresas
Otras cuatro sociedades están en el punto de mira de los auditores
Cristina Delgado / María Fernández 20 ABR 2013 - 20:30 CET
The hidden network Pescanova Sousa
The firm masked 480 million with operations in five companies
Four other companies are in the crosshairs of auditors
Cristina Delgado / Maria Fernandez 20 ABR 2013 - 20:30 CET
Five companies called American Shipping, Medosan, Epripel, ASF and El Porvenir, all based outside Spain, masked at least a third of Pescanova hidden debt, which according to a report from BDO reaches at least 1,408 million, almost double the officially recognized liability. The audit, which lost the confidence of the president of the multinational, has identified that these societies, operating directly with senior management, should have been included in the balance although officially fishing participation in them is less than 20%.
American Shipping is a firm based in Uruguay from which Pescanova in 2005 claimed to have 49%. Now only recognizes the 19%. Medosan, appears linked to one of the directors of Pescanova, Liquidambar background and Pescanova financed through foreign trade policies. Of the other three companies, two of which are located in Japan and Chile, there are no references in any official document of the group but the auditor suspected undeclared links.
The operation to mask debt, which was not accounted for in the Central Credit Register of the Bank of Spain (CIRBE), was made through letters of credit, international payment formula in which the importer's bank assumes funding operation even if the company has no liquidity located outside at the time of payment. In this way, it was alleged that subsidiaries assumed liabilities and the money is entered directly into accounts "controlled by top management," according to the investigation of BDO. Thanks to this, the increase in equity of Pescanova could reach 480 million euros. In recent years, the company had to face huge investments to start aquaculture plants and weakened its financial structure.
Four other companies have entered the radar of the suspect: Lafonia Seafoods, World Frost, Cuvimarket and Polar Limited. The latter was created by Pescanova in the nineties for squid fishing activities in the Falklands. 2005 stating control 50% thereof. In 2011, no longer listed as a partner in the group memory. The change was due to problems for fishing in Argentine waters, prompting Pescanova to disassociate from that firm. Cuvimarket, meanwhile, was dissolved in February this year.
The operation was carried out by senior management credits
"This may be just the tip of the iceberg," said a financial source. The Pescanova bankruptcy has been an explosion totally controlled by its president, Manuel Fernández de Sousa. Before announcing the contest, on February 28, had long been preparing for the tsunami: sold half of its stake in secret, their societies reorganized and gained time preconcurso creditors requesting and sending the message that the company just went through a pothole .
Between 4 and 22 February, three weeks before the first alarm of problems exist in the Official Gazette of the Commercial Registry (Nbr) a total of 12 corporate changes linked to Fernandez de Sousa. Manuel, President, leaving the Council or the presidency Insuiña subsidiaries, Frivipesca, Pescafresca, Pescanova Food Trading and Pescafina Novapesca Cod, that happen to have as administrator to the matrix Pescanova, SA. In addition, her son Paul ceased Frigodis presidency, and left Frinova Frivipesca councils and Fricatamar. She left everything, too, in the hands of Pescanova. The family put further order in their personal societies: the patriarch was registered as sole director of Yatesport and the rest of the council ceased, as in Shipyards and Construction Lagoa. While doing these movements the president also got rid of 1.9 million shares without notifying the Securities Market Commission (CNMV).
BDO Pescanova revoked the same day that the contest had announced that, on April 4. Now the investigation is in the hands of forensic auditor, KPMG, in which the CNMV has placed all his confidence to clarify the murky accounting Pescanova. Not the first time this signature see the papers of fishing: it was responsible for checking their balances and the work done by BDO when Pescanova capital increases made in 2011 and 2012. Then he saw nothing suspicious.
The president left several days before the contest subsidiaries
Now the question is: how long society can function with the exhausted financing? "It is not just that the boats have money for fuel. Pescanova has a network of aquaculture feeds with thousands of tons of feed every day, "company sources acknowledge. Fernández de Sousa, who has handled all the threads of the firm with 14% of the shares (which have been in a little over 7%), the company has barely set foot in the past two weeks. His nerves have endured domestic and international pressure from the scandal but refuses to take a step back to the passivity of the CNMV.
The bank also has a clear strategy, but criticized the lack of action may make things worse, "do not know what happens inside," says one of the banks caught. The problem, says a former colleague, is that Sousa "is Pescanova", which means that it is almost the only one who has mastered the group. After her divorce with Alfonso Paz-Andrade, historical shareholder who split from the company in 2007 by strong differences with the president after 30 years as CEO, De Sousa has driven the company alone.
The power and the tears of Fraga
Maria Fernandez / Cristina Delgado
Pescanova president has always had great allies in power, as had his father, Jose Fernandez Lopez, in Francoist Spain that gave birth to the company in 1960. Manuel Fraga lent invaluable assistance from the regional government to prevent multinational ended in 1996, in the hands of the Anglo-Dutch Unilever. That operation was carried out under a formula used to revive public companies and cost 2,000 million pesetas (12 million) and that the Administration will loan financed a further 8,000 million (48 million euros).
The Xunta was important to Pescanova and vice versa. During his last years in office, Fraga made a symbolic visit to the factory where he was received with full honors. The Galician president began to mourn for the talk given at the noble hall of the company told reporters recalling the importance of the company had been to forge contemporary Galicia.
The former Prime Minister of Namibia Sam Nujoma also lost opportunity never to see Fernández de Sousa in Vigo during their stay in Spain, according to the journalist Julian Rodriguez recalls in his book Lords of Galicia. Thanks to this tune-and multimillion dollar investments made in the fishing towns of Lüderitz and Walvis Bay-the firm became the first fishing power of that country.
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