Pescanova's former president, Manuel Fernández de Sousa. (Photo: Stock File)

Fernandez de Sousa claims EUR 663,000 for Pescanova’s 'unfair lay-off'

SPAIN
Monday, November 18, 2013, 23:30 (GMT + 9)

The Commercial Court Number 1 is today addressing the lawsuit filed by the Galician multinational firm Pescanova’s former president, Manuel Fernandez de Sousa, for alleged unfair redundancy.

The executive did not attend the appointment as it was reported by court officials because this stage is considered "a mere formality" and is waiting to know if the courts determine that this process is undertaken through the labour or commercial route.

The legal representative of the company’s former president, who claimed damages of more than EUR 663,000, was present.

Fernández de Sousa and Pescanova held a conciliation ceremony at the Mediation, Arbitration and Conciliation Service (SMAC) of Vigo, which ended up without reaching an agreement. There, the businessperson defended his status as a worker of the company for 37 years.

Currently, Fernandez de Sousa holds 7.51 per cent stake in the firm.

In mid-July, the company's former president resigned after the release of the forensic report by KPMG to determine the business situation.

According to the document, in the recent fiscal years accounting practices to hide the debt were designed and implemented, and they were "instructed, performed, carried out or known, to a greater or lesser extent," by members of the senior management of Pescanova.

The multinational Galician firm, which is undergoing a creditors' meeting, has a debt of over EUR 3,674 million and an asset gap of EUR 1,667 million, as it was stated by the reorganisation administrator Deloitte.

Fernandez de Sousa has been charged with faking financial-economic information, the accounts and with use of relevant information.

On the other hand, the Pescanova’s affiliate in Argentina - Argenova – continues under Deloitte’s management and subjected to its control, since it cancelled payments on 3 May.

According to the newspaper Faro de Vigo, the court of Buenos Aires -- which instructs Argenova’s creditors’ meeting -- validated the company's decision to rent two properties it owns: a commercial premise and a fish processing factory.

The plant is managed by the local company Pesquera Puerto Commodoro SA in exchange of an initial payment of ARS 37,000 (EUR 4,600) per month, which is expected to rise to ARS 74,300 (EUR 9,265).

The court noted that the contract has a 36 month’s duration. The plant is located in Comodoro Rivadavia in the province of Chubut.

Argenova has another plant in Puerto Deseado, Santa Cruz, and has 17 vessels, which operate as normal thanks to the loan amounting to EUR 56 million that Pescanova signed in June with seven banks.

Related article:

- Pescanova’s reorganisation would save EUR 10 million, according to PwC

By Analia Murias
[email protected]
www.seafood.media

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