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Peter M. Yu, US Cartesian fund director. (Photo: Cartesian/Pescanova)
US shareholder will sue Pescanova’s auditor
(SPAIN, 6/19/2013)
The US fund Cartesian, which controls about 5 per cent of the Galician multinational firm through the partnership Silicon Metals Holding, is determined to ascertain accountability for Pescanova’s financial scandal.
"The extent of the problem that we have begun to perceive, since we do not know how far it extends, results from a multi-year strategy that involves many people," said Peter M. Yu, managing partner and founder of Cartesian, during an interview with Expansión.
"I have conferred authority to my attorneys, Cremades & Calvo-Sotelo, to initiate criminal proceedings against the auditor and those responsible for BDO in Spain," he added.
According to M. Yu, this is only the first step, since he said he will not hesitate "to take legal action against all the people or entities that may have some responsibility for what had happened." This implies from banks to the National Securities Market Commission (CNMV).
The entrepreneur considers BDO auditor is the main responsible person, as the investors trusted his information as an independent agent. "Therefore, we’re going to process him in the jurisdiction it takes," he pointed out.
The lawsuit will also involve Pescanova’s board, chaired by Alfonso Osorio.
Cartesian was advised by its attorneys to choose an American law firm to sue BDO in American courts. As he said, the American jurisdiction is faster than the Spanish one.
The complaint may be filed in the coming weeks, as a team of 25 attorneys are analyzing the case and the possible crimes, such as document forgery or fake accounting, and even fraudulent crimes if the existence of collusion among those involved is proved, Expansion reported.
"Pescanova’s issue is not a small matter, but something important that involves many layers and economic actors. At Cartesian we’re going to do everything in our power to recover as much as possible," M. Yu emphasized.
Besides, he stressed that it is not just an economic issue, since its investment in Pescanova amounts to EUR 25 million and represents only 1.6 per cent of the USD 2,000 million (EUR 1,502 million) that the fund manages.
"The financial implications are important, but the impact is even greater for the international investment community because it is a matter of trust," he explained.
Cartesian also aims to sue the Galician company chairman, Manuel Fernández de Sousa, for document forgery or fraudulent accounting offenses.
Besides, it questioned the role of the CNMV as a supervisor: "I do not know enough about the regulator, but as such I should have been aware of the situation."
"I wish that regulators take seriously what this ruling of Spain represents for the foreign investment. They should understand it and fix it," he stressed.
Related article:
- Fernandez de Souza condemns Damm’s position
By Analia Murias
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