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The 'megaultas' of the Pescanova trial: more than 165 million for falsifying accounts



The judgment of the National High Court against the former Pescanova not only does it carry 8 years in jail for whoever was its president, Manuel Fernández de Sousa-Faro; and penalties of between six months and three years for another 11 managers. In addition, it provides millionaire compensation for investors harmed by its management.

As a whole, according to the sentence published this Tuesday, the magistrates of the Fourth Criminal Section of the National High Court, urge to make compensation that exceed 165 million euros. Basically, the judges understand that Pescanova's excome manipulated the company's accounts to attract investors they ended up losing their money.

The magistrates condemn both Fernando de Sousa-Faro, along with his directors; to Pescanova (now called 'Old Pescanova); at the signing of BDO audit and your accountant Santiago Sañé to jointly and severally compensate investors harmed by their management, with figures ranging from the 51.1 million euros indicated for Luxempart, the 40 million that it contemplates for Delta Economic Corporation, or the 23 million indicated in the case of Silicon Metals Holdings.


In the case of the former president (along with other managers) and the fishing company, the ruling also states that they must pay 19.9 million euros to Bankia; 18.8 million to Ubi Banking and an amount yet to be determined in the case of Espirito Santo Bank.

With regard to these entities, the judgment refers to damages caused to banking entities derived from the crime of fraud, both in policies without commercial substratum and in credits granted to the parent without commercial coverage.

Furthermore, in the specific case of BDO, the judgment reflects that Mapfre It will have to respond jointly and severally with the audit firm, up to the limit of the amounts insured in relation to the damages suffered by investors during the 2010, 2011 and 2012 financial years.

The above figures are not, however, final. From now on, the door to appeal to the Supreme Court opens. In fact, Old Pescanova is studying it and BDO has already anticipated that it will resort the text "as soon as possible". The auditor considers that both the firm and the auditor who reviewed Pescanova's accounts were "deceived", which is why they consider themselves to be "victims of the scheme and fraud organized by the Pescanova management."

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