Carbures is reminding of the Gowex scandal and causing credibility in the MAB, Spain's alternative stock market for small-cap stocks looking to expand, to fall again. The company audited its accounts as far back as 2012 with the intention of going public on the mercado continuo, another stock market.
PricewaterhouseCoopers, the world's largest accounting firm, is in charge of the audit and questions 31 million euros in earnings -- about half of the company's overall revenue. Subjecting themselves to the more exacting standards of the mercado continuo shows that MAB companies might be fundamentally weak, especially regarding their balance sheets. Worse, the entire market in Spain is called into question as we see a lack of control, oversight and investor protection.