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Pescanova minority shareholders accuse Banco Sabadell for using relevant information. (Photo: Eduardo / CC BY-SA 2.0)

Pescanova minority shareholders call to extend lawsuit against bank

  (SPAIN, 1/9/2015)

A group of minority shareholders of the Galician multinational Pescanova has requested the lawsuit filed against Banco Sabadell to be expanded, because they believe it allegedly committed a crime using relevant information, in addition to fraud as a possible necessary co-operator.

The document sent to the Central Court of Instruction No 5 of the National High Court was signed by eight individuals, but other 151 minority shareholders could join in case the suit extension is accepted, EFE reported.

The document, signed by lawyer Felipe Izquierdo, claims that the agent of Banco Sabadell sold Pescanova shares in the market in the previous two trading sessions before the firm was suspended from the listing.

In the two month prior to Pescanova’s pre-arrangement with creditors, Banco Sabadell sold securities for an amount higher than EUR 28 million.

According to what was specified in writing, between 2012 and March 2013 the bank recommended buying shares of the fishery.

Now, minority shareholders ask that if the Bank action were not regarded as criminal behaviour, at least the entity should be considered liable.

The plaintiff say the bank failed to comply with its surveillance, monitoring and control obligations "permanently and voluntarily", and that it "profited from credit operations allegedly operating with relevant information."

Therefore, the claimants request the certification that Sabadell BS España Dividendo FI sold in the first quarter of 2013 all the shares of Pescanova it owned to 31 December 2012 and the remaining ones it had to 1 May 2013.

They also ask the bank to certify the direct or indirect participation in any entity related to the Galician multinational in 2012 and 2013, and the dates of its divestment.

Shareholders also claim that Sabadell should relate Pescanova debt amount with the entity and the entities linked to it to1 May 2013, and the guarantees that existed on that debt, detailing each transaction.

Izquierdo said the request for suit extension is filed with the explicit support of 151 affected shareholders that are part of the so-called Pescanova Minority Shareholder Association (AMAP).

Also regarding Pescanova, lawyers of the former president of this group, Manuel Fernandez de Sousa, sent last 17 December a letter to ask the judge to reject Luxempart fund’s statements against the asset relation declared by their defendant.

According to the lawyers, Pescanova’s executive "involuntarily" omitted the ownership of four rural properties in the province of Badajoz in his attachable property statement presented to the judge of the National Court, Pablo Ruz, newspaper La Voz de Galicia reported.

Related article:

- Pescanova does not return to Stock Exchange due to 'serious doubts'

By Analia Murias
editorial@seafood.media
www.seafood.media


Information of the company:
Address: Calle José Fernández López, s/n
City: Chapela - Redondela
State/ZIP: Pontevedra, Galicia (36320)
Country: Spain
Phone: +34 986 818 100
Fax: +34 986 818 220
E-Mail: info@pescanova.es
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