Pescanova chairman charged with insider trading

By

SeafoodSource staff

Published on
June 10, 2013

A Spanish High Court judge has charged the former chairman of fishing firm Pescanova, Manuel Fernandez de Sousa, with falsifying information and insider trading, according to a court document published on Thursday.

Pescanova, one of the world's largest fishing firms, filed for insolvency in April and the dealings of Sousa, who sold a large stake in the firm in the months before the insolvency petition, have come under scrutiny.

The company filed for insolvency on EUR 1.5 billion (USD 1.9 billion) of debt but financial sources believe total debt is more than double that amount.

Sousa was removed in April from the helm of the firm he had run for more than three decades and the High Court has now called him to testify on 1 July .

Click here to read the full story from Reuters >

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