Judge Pablo Ruz has ordered former Pescanova CEO Manuel Fernández Sousa to pay 350 million euros in cautions, and if Sousa does not pay up (he still owns 7.5% of Pescanova), the court will begin a process to seize his assets. The bulk of his estate consists of a luxurious primary residence and a 18th century country house that is listed under his sister's name.
Sousa's posession's are limited to a small 500,000 square meter farmstead in El Escorial (Madrid) and some properties that he owns jointly with his siblings. This ownership arrangement is popular with citizens who are afraid of what action a judge could take against them to seize their assets. Even though Sousa has asked to be pardoned for his heinous management at Pescanova, it is not clear why he continues to manipulate the situation and new board from the sidelines as if he were some grand puppeteer.
It will be decided today who sits on Pescanova's new board. There are big expectations, and there will likely be some big surprises as well. Yesterday one of the big companies that wanted to get involved with managing Pescanova suffered a surprising setback. Separately, Judge Ruz decided that there are signs that Demetrio Carceller's father comitted tax fraud. He is a partner associated with the company Damm.
Pescanova shareholders will have to agree on the new board today. Meanwhile, the judge will decide who is responsible for the company's recent mismanagement.
