Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Access to the Pescanova headquarters in Pontevedra, Galicia (Photo: stockfile)

PESCANOVA: The National Court rectifies and reduces the qualification of the sentence imposed on A. Paz-Andrade

Click on the flag for more information about Spain SPAIN
Wednesday, October 21, 2020, 07:00 (GMT + 9)

The National Court rectifies and reduces the qualification of the sentence imposed on A. Paz-Andrade and confirms the sentence of joint liability to the BDO auditor, Santiago Sañé in the PESCANOVA case
 
As the days go by, some aspects that were not public knowledge become clearer. Hence the importance of the content of the sentence and the recent rectification of the National Court lowering the qualification of the sentence imposed on Alfonso Paz-Andrade, who has been exonerated of all civil responsibility and practically of the rest of the accusations that weighed on the former -CEO of the Pescanova group.
 
Many will remember that back in 2006, his relationships with Fernández de Sousa were not the best, as they did not share the same business criteria, which led to his termination of his duties at the beginning of 2007, even renouncing the offer to continue as an advisor to the President .
 
From that moment and in view of the public discrepancies, Paz-Andrade limited his relationship with Pescanova to his capacity as director, representing 5% of the shareholding package of which he was the owner. Separating completely from the management of the company. Thus, the main responsible civil solidarity, Manuel Fernández de Sousa-Faro and Santiago Sañe Figueras external auditor of BDO.
 
At that time the most important media in Galicia and Spain echoed the notorious discrepancies between the two businessmen.
 
The disappearance of Caixa Galicia marked the beginning of the end. With his ambition and his authoritarianism, Fernández de Sousa seized the omnimous power in the company by making millionaire investments developed by Pescanova in fish farms, mainly in Portugal and Chile and Nicaragua.
 
Fernández de Sousa incorporated his son into a 'new model' far from the one that Pescanova traditionally had. But all the investments and improvisations necessary for the pharaonic aquaculture projects could not come from the company or shareholders in a genuine way but from a financing mechanism produced fraudulently through shell companies, false invoices and financing of inventories in cold rooms that, in some cases, they were already sold or were non-existent.
 
Keys to the condemnation of the external auditor in the Pescanova case
 
Beatriz Carballo Spain, Criminal Lawyer who writes for elderecho.com, comments that "The attribution in the Pescanova case judgment to the external auditor of a necessary cooperation in the crimes of falsification of annual accounts and investor fraud is based on the fact that the Court reaches to the firm conviction that, with the accounting documentation that has been shown that BDO had at its disposal, it should have warned that the positive result that the company's financial situation showed did not correspond to reality. It should have disagreed with the accounting of the company, highlighting all the inconsistencies, misalignments of figures and inaccuracies that reflected their work papers. "
 
Beatriz Carballo adds that "By not having done so, the sentence implicitly assumes that he acted with direct fraud with respect to the falsification of the accounts and, at least, with eventual fraud with respect to the knowledge of the criminal circuit that ends with economic damage to investors.
 
In other words, the sentence cannot confirm (since there is no proof of this) that BDO knew from beginning to end the fraudulent plan devised by the President of Pescanova with the collusion of other members of the company. "
 
National Court requires Santiago Sañe and BDO to also compensate the affected banks
 
The ruling requires the auditor of Pescanova BDO, Mapfre and former directors to compensate investors and creditors of the Galician company with more than 160 million Euros. The potential economic blow is of a magnitude far greater than what BDO has been gaining in recent years. The audit subsidiary, BDO Auditores, reaped a consolidated profit of 1.21 million in 2018 and 853,000 euros in 2017.
 
There are still many economic aspects and compensations to be defined that will be made public as the appeals and agreements take shape.
 
Related news:
 


 Print


Click to know how to advertise in FIS
MORE NEWS
Ecuador
Nov 30, 20:00 (GMT + 9):
National fisheries to compete with Chinese jiggers for squid in the eastern Pacific
Canada
Nov 30, 19:20 (GMT + 9):
N.S. First Nation, Ottawa nearing deal on lobster fishing rights
Tanzania
Nov 30, 19:00 (GMT + 9):
IN BRIEF - Zanzibar secures $3 bln from Turkish firm to boost seafood business
Norway
Nov 30, 18:00 (GMT + 9):
REDUS has led to a better estimate in the stock advisory
Russian Federation
Nov 30, 09:50 (GMT + 9):
Logistical problems in Chinese ports increase fish costs
Japan
Nov 30, 07:00 (GMT + 9):
Plaintiff fisherman loses in demand bluefin tuna catch quota
Japan
Nov 30, 07:00 (GMT + 9):
Soichi Noguchi of the ISS 'Mackerel cans are very delicious'
Italy
Nov 30, 06:00 (GMT + 9):
Webinar on 'Social accountability in Fisheries'
Spain
Nov 30, 04:40 (GMT + 9):
Electric fishing boats: 'The current problem is that technology is faster than regulation'
Peru
Nov 30, 03:00 (GMT + 9):
Anchovy fishing prohibited between Chancay and Cañete for 10 days
Norway
Nov 30, 01:00 (GMT + 9):
Can the alien species humpback salmon have positive effects on our salmonids?
Norway
Nov 30, 00:20 (GMT + 9):
Other Media | SalmonBusiness: 'The pandemic will lead to enormous changes in the market and consumer patterns'
Norway
Nov 30, 00:10 (GMT + 9):
Other Media | fishfarmingexpert: ‘Simpler, safer’ fish handling promised for wellboats and on-land farms
United Kingdom
Nov 30, 00:00 (GMT + 9):
Other Media | FiskerForum: Fisheries Act Does Not Compensate For Loss Of EU Seafood Market Access
Japan
Nov 30, 00:00 (GMT + 9):
Volumes and prices | Main fresh fish: Skipjack, sardine, mackerel, saury and squid | Tokyo Markets (Oct-2020)



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Catches-production │ Alaska pollock products │ Bering Sea-GOA │ By season
United States Source: FIS.com | Click to enlarge it  [email protected] www.fis.com  ...
Guinea Conakry announces in Las Palmas that the fishing agreement with the EU is very close
Spain The conference “Management and Sustainability of Fisheries in West Africa”, organized by ANACEF OPP43, brought together senior Fisheries officials from Spain, Guinea Bissau, Guinea Conakry...
The 'Mar Argentino' reached Mar del Plata port.
Argentina The new INIDEP scientific ship that was built in Vigo, Spain, was received by national authorities who escorted it. It cost almost 8 million dollars and will aim to work in coastal waters. Escorted...
Overseas fishing crew refused permission to apply for visas ahead of Antarctic season
New Zealand Two fishing vessels docked in Christchurch’s Lyttelton Port face a struggle to get crew less than a week before the start of the Antarctic season after immigration authorities refused to let ove...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation - Headquarters
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2020 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER