Pescanova would have debts of over US$ 4,200 million

Christian Pérez The report, quoted in an essential fact provided by the Spanish firm to the National Securities Market of Spain or CNMV, states that in recent years Pescanova has designed and implemented several accounting practices whose aim was to underestimate the financial debt of the Group and, consequently, present better financial results than those actually generated. The document also states that, to obtain financing, the Company implemented certain operations that can be regarded as irregular from an accounting and financial perspective. The result of the investigation performed by KPMG, points out that the net financial debt of the Pescanova Group totaled € 3.281 million by December 31, 2012, while the Group's equity at the same date was negative, amounting to € 927 million. The report also stresses that the facts, operations and practices developed by Pescanova were not random, but were the result of conscious planning and were carried out over several years by the Spanish company management. In addition, "there is good evidence that certain directors of Pescanova have instructed, executed, carried out or known, to a greater or lesser extent, about these practices" describes the document.