Welcome to FIS   Sponsored By
Subscribe to FIS | Register with FIS | Advertise with FIS | Newsletter | About FIS | Contact us
   


Pescanova obtained EUR 487 million of liquidity by issuing 38,000 false invoices

Click on the flag for more information about Spain SPAIN
Monday, February 24, 2020, 00:00 (GMT + 9)

Between January 1, 2012 and March 6, 2013, when it entered pre-bankruptcy proceedings, Pescanova obtained EUR 487 million liquidity from a dozen banks using no less than 37,783 false invoices.

It did this by making irregular use of the payment advancement mechanism known as factoring, whereby the company gave the financial institutions the payment of the invoices whose amount they anticipated, thus giving oxygen to its asphyxiated treasury.



This was confirmed on Tuesday by a chief inspector of the Central Unit of Economic and Fiscal Crime (UDEF), who ratified before the court that judges the former director of the fishing company the reports included in in the case and that the investigating judge, José de la Mata, picked up in the opening session of the oral trial.

To questions of the prosecutor, he explained how the investigation of this fraudulent financing route of the company was managed, after Pescanova´s clients from different parts of the country (Vigo, Úbeda, Málaga and Huelva) filed complaints because, after the society entered pre-bankruptcy proceedings, several banks began to demand the payment of invoices for merchandise that they had not bought. The investigation of these cases, together with others that directly claimed Pescanova and that were revealed the KPMG forensic audit, crystallized in four police reports that concluded that the company conducted in the period under investigation (2012 and the start of 2013) 304 operations factoring with twelve financial institutions, issuing 41,823 invoices for advance, of which 37,783, that is, 90%, were false.



These operations allowed it to obtain almost EUR 500 million of liquidity, of which practically 98% (487 million of the 499 total) did not correspond to real sales.

Author: Ana Balseiro / La Voz de Galicia (read the entire article here - in Spanish)


 

www.fis.com


 Print


Click to know how to advertise in FIS
MORE NEWS
United States
Apr 9, 07:00 (GMT + 9):
Health & Welfare | Assessment of transmission risk in cooked, WSSV-infected shrimp
Spain
Apr 9, 06:30 (GMT + 9):
COVID-19: CEPESCA, FEDEPESCA and FNCP guarantee the supply of fish
United States
Apr 9, 05:10 (GMT + 9):
Schedule for Alaskan pollock roe inspection (Fukuoka): Icicle, Trident, UniSea
United States
Apr 9, 05:00 (GMT + 9):
Alaska pollock catches in season A (DAP in NMFS count) | week 13
European Union
Apr 9, 02:50 (GMT + 9):
Other Media | La Voz de Galicia: Brussels makes reservations to cover the cessation of activity of shellfish workers on foot
Chile
Apr 9, 02:30 (GMT + 9):
Other Media | aqua.cl: AKVA manages to recertify its quality management system
United Kingdom
Apr 9, 01:00 (GMT + 9):
Other Media | Aquaculture iPac: IFFO RS, the IFFO Global Standard for Responsible Supply, is now MarinTrust
Japan
Apr 9, 00:40 (GMT + 9):
Statistics│Import│Frozen squid (China-Chile-Peru-Argentina-USA-Russia) until Feb/2020
Norway
Apr 9, 00:30 (GMT + 9):
Better weather on the blue whiting field and sand eel season soon
Spain
Apr 9, 00:00 (GMT + 9):
Other Media | Industrias Pesqueras: Spanish fishing holds the pulse of Coronavirus: 50% of the fleet continues to supply a full market
European Union
Apr 9, 00:00 (GMT + 9):
Ecuador increased market share in the EU canned tuna market
Norway
Apr 8, 23:10 (GMT + 9):
Other Media | SeafoodSource: First-quarter earnings increase for Norwegian seafood exports, Chinese market starts to normalize
Chile
Apr 8, 22:50 (GMT + 9):
Other Media | SalmonBusiness: Cermaq Chile closes two processing plants, lowering production volume significantly
Norway
Apr 8, 22:30 (GMT + 9):
Other Media | iLasks.no: Soon a month since the government introduced stringent coronary measures: How SinkabergHansen has tackled the crisis
Norway
Apr 8, 22:20 (GMT + 9):
Other Media | fishfarmingexpert: Cleaner fish eggs flown into UK by private jet



Lenguaje
FEATURED EVENTS
  
TOP STORIES
Weekly production of Alaskan pollock DAP: Surimi/ Fillet/ Mince | week 12
United States Source: FIS.com | Click to enlarge it www.fis.com...
Volumes and prices | Black cod (sablefish) imports: USA and Canada (week 12)
Japan Source: FIS.com | Click to enlarge it www.fis.com...
Marel overcomes the challenge of COVID-19
Iceland NEW MAREL LIVE ONLINE EVENT The cancellation or postponement of world fairs and exhibitions, as has happened with the Seafood Processing Global - Exhibition in Brussels, has been one of the first con...
Retail price│Boiled octopus in Tokyo and Osaka (2012-13-14-15-16-17-18-19-20) | monthly update
Japan The octopus is steamed at a temperature between 90-95 ° C. The high humidity helps to produce juicier, plump octopus. Photo: Ajirushi Co.Ltd Source: FIS.com | Click to enlarge it ...
 
Maruha Nichiro Corporation
Nichirei Corporation - Headquarters
Pesquera El Golfo S.A.
Ventisqueros - Productos del Mar Ventisqueros S.A
Wärtsilä Corporation - Wartsila Group Headquarters
ITOCHU Corporation -Headquarter-
BAADER - Nordischer Maschinenbau Rud. Baader GmbH+Co.KG (Head Office)
Inmarsat plc - Global Headquarters
Marks & Spencer
Tesco PLC (Supermarket) - Headquarters
Sea Harvest Corporation (PTY) Ltd. - Group Headquarters
I&J - Irvin & Johnson Holding Company (Pty) Ltd.
AquaChile S.A. - Group Headquarters
Pesquera San Jose S.A.
Nutreco N.V. - Head Office
CNFC China National Fisheries Corporation - Group Headquarters
W. van der Zwan & Zn. B.V.
SMMI - Sunderland Marine Mutual Insurance Co., Ltd. - Headquarters
Icicle Seafoods, Inc
Starkist Seafood Co. - Headquearters
Trident Seafoods Corp.
American Seafoods Group LLC - Head Office
Marel - Group Headquarters
SalMar ASA - Group Headquarters
Sajo Industries Co., Ltd
Hansung Enterprise Co.,Ltd.
BIM - Irish Sea Fisheries Board (An Bord Iascaigh Mhara)
CEFAS - Centre for Environment, Fisheries & Aquaculture Science
COPEINCA ASA - Corporacion Pesquera Inca S.A.C.
Chun Cheng Fishery Enterprise Pte Ltd.
VASEP - Vietnam Association of Seafood Exporters & Producers
Gomes da Costa
Furuno Electric Co., Ltd. (Headquarters)
NISSUI - Nippon Suisan Kaisha, Ltd. - Group Headquarters
FAO - Food and Agriculture Organization - Fisheries and Aquaculture Department (Headquarter)
Hagoromo Foods Co., Ltd.
Koden Electronics Co., Ltd. (Headquarters)
A.P. Møller - Maersk A/S - Headquarters
BVQI - Bureau Veritas Quality International (Head Office)
UPS - United Parcel Service, Inc. - Headquarters
Brim ehf (formerly HB Grandi Ltd) - Headquarters
Hamburg Süd Group - (Headquearters)
Armadora Pereira S.A. - Group Headquarters
NOAA - National Oceanic and Atmospheric Administration (Headquarters)
Mowi ASA (formerly Marine Harvest ASA) - Headquarters
Marubeni Europe Plc -UK-
Findus Ltd
Icom Inc. (Headquarter)
WWF Centroamerica
Oceana Group Limited
The David and Lucile Packard Foundation
Ajinomoto Co., Inc. - Headquarters
Friosur S.A. - Headquarters
Cargill, Incorporated - Global Headquarters
Benihana Inc.
Leardini Pescados Ltda
CJ Corporation  - Group Headquarters
Greenpeace International - The Netherlands | Headquarters
David Suzuki Foundation
Fisheries and Oceans Canada -Communications Branch-
Mitsui & Co.,Ltd - Headquarters
NOREBO Group (former Ocean Trawlers Group)
Natori Co., Ltd.
Carrefour Supermarket - Headquarters
FedEx Corporation - Headquarters
Cooke Inc. - Group Headquarters
AKBM - Aker BioMarine ASA
Seafood Choices Alliance -Headquarter-
Austevoll Seafood ASA
Walmart | Wal-Mart Stores, Inc. (Supermarket) - Headquarters
New Japan Radio Co.Ltd (JRC) -Head Office-
Gulfstream JSC
Marine Stewardship Council - MSC Worldwide Headquarters
Royal Dutch Shell plc (Headquarter)
Genki Sushi Co.,Ltd -Headquarter-
Iceland Pelagic ehf
AXA Assistance Argentina S.A.
Caterpillar Inc. - Headquarters
Tiger Brands Limited
SeaChoice
National Geographic Society
AmazonFresh, LLC - AmazonFresh

Copyright 1995 - 2020 Fish Info & Services Co.Ltd| All Rights Reserved.   DISCLAIMER