Theres something fishy at Pescanova, and it isn't just the fishery companys products. Spain's stock market regulatory agency, the Comisión Nacional del Mercado de Valores (CNMV), has launched a probe of the company, which filed for insolvency March 1, and admitted March 12 that it had detected discrepancies between its accounts and its bank debt.
The CNMV had suspended trading in its shares shortly before the statement. Pescanova, which catches, processes and packages fish on board factory ships, said in a statement released to the stock exchange that its auditor, BDO Auditores, was looking into the discrepancies. The company had filed for the equivalent of bankruptcy after failing to sell part of its salmon farming business to raise cash.
"We have detected discrepancies between our accounts and bank debt figures, discrepancies which could be significant and we're in the process of revision and consolidation," Pescanova said. "The moment we know the size of the discrepancies, we will immediately inform the (market regulator)." The company, a major employer in the northwestern region of Galicia, also failed report earnings by the end of February deadline as required by law.
