スペインの証券取引委員会は、破産宣告した海産物冷凍食品会社のPescanovaに、本当の負債をハッキリさせるように、必要な書類を提出するように要求、そうでないと罰金を課す?本当の負債は29億000'0000ユーロには逹す、14億0800万0000ユーロの負債隠しを発見
La CNMV amenaza a Pescanova
El supervisor no obtiene datos fiables de la firma
La auditora ha visto 1.400 millones de deuda oculta
Su presidente puede ser sancionado si no aclara pronto el agujero
Cristina Delgado Madrid 5 ABR 2013 - 23:21 CET
Archivado en:
- Pescanova
- Concurso acreedores
- BDO Audiberia
- Manuel Fernández Sousa
- José Luis Carceller
- Damm
- CNMV
- Manuel Fernández de Sousa
- Suspensión pagos
- Organismos económicos
- Deudas
- Empresas
- Alimentación
- Economía
- Industria
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Fuente: Pescanova, Bloomberg, CNMV y elaboración propia / EL PAÍS
The CNMV threat to Pescanova
The supervisor does not obtain reliable data signature
The audit has been hidden debt 1,400 million
Its Chairman may be sanctioned if not clarify soon the hole
Cristina Delgado Madrid 5 ABR 2013 - 23:21 CET
Pescanova seems to be testing the patience of the regulatory filing, creditors and even his own advisers. The company, which has acknowledged that masked some of its debt, still not opening the books and without putting a hole reliable figure your accountant. Nothing seems to intimidate its president, Manuel Fernández de Sousa. The National Securities Market Commission (CNMV) imposed an ultimatum that expired yesterday. It also has opened an investigation into possible market abuse. And yet, Pescanova not send all the required documents. In response, the CNMV issued a statement in which it stated that it has given more than five working days to rectify the company. Failure to do before next Friday, they face stiff penalties. Meanwhile, the board and creditors believe that with the bankruptcy, Sousa is shielded and gain time to avoid responsibility.
From Thursday's meeting did not go the annual accounts of the company, but only a few figures endorsed by the audit or board members. Pescanova CNMV prepared for documentation that was required from the moment in which the president acknowledged irregularities. Documentation, however, incomplete, according to sources close to the company, indicating that the debt is about 2,700 million. This would mean that the company has been hiding some 1,200 million of debt, because its official debt in September 2012 was EUR 1,522 million liabilities. If not enough, the auditor has seen a worse scenario: the council warned Thursday that in fact only a preliminary study has detected 1.408 million unregistered debt, which added to the declared legally raise the liability to 2,900 million in the first review only basic.
The CNMV not convinced Pescanova figures forwarded or responses to other requests for information. And he warns that in five days does not send all the requirements and explains his decision to go to bankruptcy, is facing sanctions, which can be serious or very serious.
Among many others, very serious infringements collected by the Securities Market Act is "the refusal or resistance to supervisory action or inspection" of the CNMV "provided that an express written requirement about" or "performing acts fraudulent ". The penalties for very serious offenses are contained in Article 102 of this law, which covers from fines to suspensions or disqualifications.
The CNMV, in any case can only now threatened by administrative sanctions rather than from the criminal point of view. Another thing is that in the course of their work to detect evidence of a crime and he transmit them to the courts or the anti-corruption prosecutor, an open possibility since the company acknowledged that the accounts do not reflect the reality of Pescanova.
A complaint to the auditor
The food company, with businesses in 20 countries and a network of more than 160 official business, announced Thursday that the bankruptcy present. Amid the chaos, he begins a dance in which all point to all as the culprits of the Galician company a tightrope walk. Pescanova directs his accusations against BDO auditor who has reviewed your bills for 11 years, and last a lawsuit against her.
20 countries, 10,000 jobs
■ The Group consists Pescanova as ensures the company, more than 160 companies from companies that depend directly and completely the Group, subsidiaries and affiliates, subsidiaries and strategic mergers or joint ventures.
■ It is present in over 20 countries, declared its own fleet than 100 ships, has about 50 aquaculture facilities, over 30 processing plants, selling 16 brands.
■ The companies comprising the conglomerate employing more than 10,000 people worldwide. Only in Galicia has about 1,500 workers.
■ Aquaculture facilities that began in the 90 projects have been to where more investment is channeled. They started with salmon farms in Chile, shrimp in southern Spain and turbot in the north. In recent years, moreover, were built in Mira (Portugal) and Xove (Lugo) large plants farmed turbot aquaculture. They also develop between 2006 and 2008 vannamei projects in Nicaragua, Honduras, Guatemala and Ecuador through the purchase of various companies.
■ The expansion gained momentum from 2000 with the purchase of other companies. Take control Pescafina (year 2000), the wholesale area of Fricatamar (year 2007) and Congepesca (year 2005). Also on the Frozen Antarctic (2002), the French Krustanord (2006) or Ladex (year 2007) in North America. Between 2004 and 2006 also founded trading companies in Japan, Greece and Poland.
In the statement sent Pescanova on Thursday just after twelve o'clock to the CNMV announced that the board had decided to change the auditor. He did not specify the cause, but sources familiar with the situation say the conflict between the board and the auditor was open confrontation. Although the company acknowledged that a court must authorize the president of the company is not content with trying to fire them: next week will also present a lawsuit against them, which prepares the office Albiñana & Suárez de Lezo. The company believes that the firm has not done their job accounting analysis, according to sources close to the company. According to other sources, the audit firm accused the company have hidden documents in the past and now be hindering the work of revision.
BDO did not assess nor the decision to terminate his contract and the possibility of being sued. But his spokesmen did state that defend their work and said they discussed "the various actions to take." The situation may become Kafkaesque signature though because Pescanova has announced its withdrawal, this can only be done legally through the authority which approved his hiring, ie the shareholders, or if you are in bankruptcy, should be the judge who authorizes it. Until this last occurrence and reversal remains pointed in the Commercial Register, the official auditors should continue with its work. That is, it is possible that during days BDO auditors be working in the headquarters of the company that demand.
The board on Thursday was very tense, and given the events of the previous weeks (suspected market abuse, "discrepancies" in the accounts and notes the president confessed to the CNMV with the occasional lie), was expected to occur anything. But a bankruptcy, when there were still nearly three months to sell preconcurso phase was not in the pools of many.
Counselors wayward
Five councilors voted against the bankruptcy request: José Carceller, representing the Damm brewery, which holds a stake of 6.18% in the Galician company, François Tesch, representing Luxempart Fund (5.83%); José Antonio Pérez Nievas (Iberfomento representative), with 3.39% of the company, and the directors Yago Mendez and Antonio Basagoiti, president of Banesto. The first three members of this list are also the same as denied the president of the company in the previous board, as it ensured that it had unanimously approved a plan that had not voted.
Carceller has been a vocal critic of the administration of President of the firm. The brewer Damm, which represents, said yesterday he had voted against the competition. "I do not endorse it marks the entry of the company in a long process of uncertainty without having exhausted before other options within the preconcurso" sources said Damm, who recalled also that the board still does not have access to reliable numbers. Directors and creditors believe that Sousa is entrenched with bankruptcy.
Support the President begins to seem a risky business. "It involves an exercise in blind faith. Why not teach the books and is following a strategy very disconcerting. Why has the contest? What do you intend to sue the auditor who has hidden things? "Say financial sources. Banks precisely fare badly with the decision to start the bankruptcy process: must provision a 25% of what it owed immediately. President calls even blind faith workers, who yesterday sent a letter asking that signs "working with illusion."
For shareholders, the application of competition hinders clouds the horizon as the lifting of the suspension of trading. FADESA martinsa takes almost five years suspended on the stock exchange, with investors caught without being able to sell their shares. The bond prices compiled by Bloomberg Pescanova-but also officially suspended in Luxembourg, where listed, show the enormous distrust towards the company. The bonds are trading at only 30% of its nominal value by the fear of a haircut. That means that investors demand that debt yields up to 91%, according to Bloomberg data.
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