Manuel Fernandez de Sousa. (Photo: Stock File)
National Court confirms EUR 200,000 fine to Pescanova ex-president
(SPAIN, 12/18/2015)
Section 3 of the Administrative Chamber of the High Court has confirmed a fine of EUR 200,000 imposed by the Ministry of Economy in 2013 to Pescanova former president Manuel Fernandez de Sousa-Faro for spreading misleading information about the company when it was undergoing a serious crisis.
The infringement was described as "very serious", according to the ruling, since the entrepreneur submitted a material fact with "inaccurate, untrue and misleading data on Pescanova, the company he was chairing" to the Comisión Nacional del Mercado de Valores (CNMV) and he spread that data to the market on 14 March, 2013.
In this significant event, the company claimed that its board of directors, meeting in special session that day and chaired by Fernandez de Sousa-Faro, had unanimously agreed "to ratify the restructuring line of its financial policy."
The ruling of the High Court dismissed the administrative appeal brought by Fernandez de Sousa-Faro against the decision of the Ministry of Economy and Competitiveness of 17 December, 2013.
Apart from the fine imposed on Pescanova former president, the CNMV imposed a fine of EUR 100,000 to Pescanova for spreading "untrue and misleading inaccuracies" about the company on the same date, March 14, 2013.
Related article:
- CNMV imposes severe fines on Pescanova and its former president
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Calle José Fernández López, s/n
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Chapela - Redondela
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Pontevedra, Galicia (36320)
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Spain
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+34 986 818 100
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+34 986 818 220
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[email protected]
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