Pescanova Plant. (Photo: Pescanova)

Pescanova informs shareholders on its accounting mismatch

SPAIN
Wednesday, November 26, 2014, 23:50 (GMT + 9)

The Galician multinational firm Pescanova will finally make its shareholders aware of the KPMG forensic report, which spotted accounting irregularities.

Besides, at the extraordinary shareholders’ meeting to be held on Thursday the viability plan prepared by PWC will be presented.

With this, Pescanova’s board is complying with a court order issued by the Commercial Court 2 of Pontevedra, at the request of Jefferies LLC and Jefferies International Limited, heads and custodians, for the benefit of Silicom Metal Holding, of 1.4 million shares, EFE agency reported.

At the meeting "full details" on the various non-binding offers received by the council as part of the restructuring process of the partnership will be supplied.

Furthermore, it must be accountable for the order given to the investment bank Lazard, responsible for negotiating the refinancing the debt with creditors, and for choosing the bid submitted by Damm and Luxempart to be release to creditors as the proposed agreement.

Moreover, the board will propose shareholders to appoint Ernst & Young as auditor company of the annual accounts -- from 2014 to 2016 -- of the multinational firm and the subsidiaries. This firm had already audited Pescanova between 1990 and 2001.

Sources connected with minority shareholders told the newspaper La Voz de Galicia that even if they knew about "the huge debt gap between EUR 1.522 million that had been registered in September 2012 and EUR 2,500 million recorded in the CIRBE at the time of the scandal of accounts in March 2013, they were not “totally” aware of the fact that the situation dated back to 2009.

According to that news source, at the meeting on Thursday the shareholders will be proposed to advance to 30 November the end of this financial year to avoid the impact of the new tax reform on the accounts of the company.

Related article:

- Pescanova earns EUR 1.8 billion in first nine months

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

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