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Duro Felguera accuses Elena Pisonero of not communicating "potential conflicts of interest"

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The controversy between Hard Felguera and Elena Pisonero After his resigns as director just 48 hours after being appointed. If this Tuesday Pisonero communicated his resignation to the position to prevent future potential conflicts of interest in the areas of renewable energy and new technologies With the companies in which he already held management positions (Solaria), now Duro Felguera has shown his displeasure with Pisonero.

"The Company considers that it must be recorded that Mrs. Pisonero did not participate in any meeting of the Board of Directors nor did it have access to information from the Company that is complementary or different from that which is public for the market, "the Asturian company explained in a statement sent to the National Securities Market Commission (CNMV).

"The resignation," added society, "occurred on June 16, surprisingly, five days after Mrs. Pisonero sent her written acceptance -11 June- in which expressly stated that it was not incurred due to incompatibility, prohibition or ineligibility whatsoever, this being a personal circumstance that the Company may not be aware of until such time as the person referred to as director is sent in this regard. "

Hard Felguera has highlighted that "nor before the Appointments and Remuneration Committee that, prior to the proposed appointment transferred to the Board of Directors, he interviewed Ms. Pisonero, potential future conflicts of interest were exposed"

"Logically", Duro Felguera has concluded, "if the Appointments and Remuneration Committee and the Board of Directors had known possible conflicts of interest, I would not have proposed or appointed independent director to Ms. Pisonero or they would not have taken that decision until they knew that the conflicts of interest were resolved, since Duro Felguera's interest in renewable energy sector since the presentation of its strategic plan in May 2019 it was publicly known. "

Duro Felguera has made headlines because of the difficult financial situation he is going through. Last year, he was on the verge of bankruptcy and a few weeks ago reported that the Dubai Electricity and Water Authority (DEWA) had executed guarantees worth 47.8 million in the contract for the expansion of a power plant.

The Asturian engineering firm, which obtained a net profit of 10.9 million euros in 2019, is in a process of constant negotiation with financial entities with the objective of obtaining resources and guarantees to cover business needs, after the non-disposition of the line of guarantees committed in the refinancing agreement signed in 2018.

In addition, the company is in a process of searching for industrial investors with a permanent vocation to "reinforce" the equity and treasury position, and holds discussions with all interested parties in order to obtain the necessary support.

One of the most renowned investors who entered Duro Felguera was Francisco García Paramés, President and CEO of Cobas Asset Management. However, a few months ago he acknowledged his mistake. "We were wrong in DIA and Duro Felguera", I affirm in the fourth Annual Investor Conference of the manager.

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