Pescanova's former president Manuel Fernandez de Sousa. (Photo: Stock File)

CNMV imposes severe fines on Pescanova and its former president

The National Securities Market Commission (CNMV) has imposed two fines on Pescanova for a total amount of EUR 450,000 and further two on the executive former president of the company Manuel Fernandez de Sousa-Faro, totalling EUR 225,000, for violations of the Securities Market Law, as it was published on Saturday in the Official State Bulletin (BOE).

The stock supervisor imposed a fine of EUR 150,000 on Pescanova for committing "a serious breach by conducting market manipulation practices during the period between 29 January and 29 April 2009 in relation to its own shares".

Due to the same "serious infringement", a fine of EUR 75,000 was imposed to the president of Pescanova, Manuel Fernandez de Sousa-Faro.

Moreover, the firm ATL 12 Capital Inversiones, AV, SA, was fined EUR 20,000 "for committing a serious infringement," for practices of market manipulation during the period between 30 January and 16 April, 2009 in relation to the shares of Pescanova, SA.

The CNMV recalls that in January it had been decided to impose further two sanctions against Pescanova for EUR 300,000 and EUR 150,000 against its president, for "the non-communication to the CNMV and dissemination of treasury stock transactions carried out during the period from 29 January to 29 April, 2009".

Related article:

- Pescanova’s former adviser fined with EUR 160,000

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