Pescanova’s majority shareholders sealed the restructure process with the appointment of the new Chairman Jacobo Gonzalez-Robatto, disregarding the concerns of the minority shareholders, reported Capital Madrid.
Old Pescanova shareholders submitted an amended financial report to the Spanish National Securities Market Commission (CMNV) that differed from the original one, reporting lower earnings for the year 2015.
After the move, the New Pescanova stated the original results did not include the activities of the new company and decided to hold the submission of an updated report, for this reason, Pescanova’s auditor Ernst & Young declined to authorize the results, claiming these updates “may have a very significant impact in the company’s accounts.”
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