The anxiety about Pescanova has increased as its creditors acknowledge that the Galician fishing company has obscured part of its liabilities (500 million euros) through buy/sell arrangements with its branches. The maneuver tried to hide that Pescanova carries 2 billion euros in debt.
This is the reason that businessman Demetrio Carceller and other shareholders refused to sign statements that incorporated two exemptions created by BDO, an international auditor. Pescanova has deceived its shareholders, the CNMV and its creditor. Now the creditor bank will struggle to regain losses on the loan it extended to Pescanova. The firm's lack of transparency is punishable crime that its executive board ought to pay for.
