Pescanova's former adviser Jesús Carlos García. (Photo: Faro de Vigo/FIS)

Pescanova’s former adviser fined with EUR 160,000

SPAIN
Friday, October 09, 2015, 22:20 (GMT + 9)

The National Securities Market Commission (CNMV) has imposed a fine of EUR 160,000 to Pescanova’s former adviser Jesus Carlos Garcia for the use of insider information about the company.

Garcia, who was the adviser and trusted person of the fishing multinational firm’s former president Manuel Fernandez de Sousa, has been accused of having recommended a third party the sale of shares on 28 February 2013, just a day before Pescanova requested the creditors' meeting. This act is considered a "very serious" infringement.

The resolution of the CNMV imposing the sanction, dated on 17 September, "is only final in the administrative procedure, without prejudice to the powers of the judicial review that correspond to the Contentious-Administrative Court of the National Hearing, which has jurisdiction to hear appeals that in his case have been pursued or may be filed," as published today in the Official State Bulletin (BOE).

On 9 May, 2013 Pescanova informed the CNMV about Garcia’s resignation to his office as adviser in the company, where he had worked for fifty years, claiming "loss of trust" on the administration that had been carried out, EFE agency reported.

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