Reuters: Bankruptcy News: Spanish regulator studying Pescanova's results

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Spanish regulator studying Pescanova's results Apr 16th 2013, 11:38 MADRID, April 16 | Tue Apr 16, 2013 7:38am EDT MADRID, April 16 (Reuters) - The Spanish stock market regulator CNMV is studying fishing company Pescanova's non-audited 2012 results before making them public, underlining fears of a major accounting scandal at the insolvent company. Pescanova, which initiated insolvency proceedings on 1.5 billion euros ($2 billion) of debt in March, surprised investors on Monday by revealing that its chairman had sold about half of his 14.4 percent stake before the insolvency warning. The chairman, Manuel Fernandez de Sousa, did not notify regulators of the sale, contrary to Spanish law. Pescanova, based in Spain's northwestern region of Galicia, had also failed to file 2012 accounts by the March 1 deadline. It finally handed over results documents to the regulator on Monday, but they have not been signed off by board members or auditors. "We're studying the documents we've received," a regulatory spokeswoman said on Tuesday. Pescanova's shares had lost 58 percent of their value this year before they were indefinitely suspended in March. Aside from Fernandez de Sousa, its main shareholders are Spanish brewery SA Damm with 6.18 percent, Luxembourg financial holding company Luxempart with 5.8 percent and UK-based Silicon Metals Holding with 5.0 percent. ($1 = 0.7643 euros) (Reporting by Andres Gonzalez and Tracy Rucinski; Editing by Giles Elgood) Link this Share this Digg this Email Reprints

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