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Pescanova President Resigns

19 July 2013

SPAIN - Pescanova's board of directors have unanimously allowed the resignation of company president Manual Fernández de Sousa and, on 12 September, his replacement will be elected by the General Meeting of Shareholders.

According to, Mr de Sousa decided that it was time to step back after 37 years of service to the company. He added that he would not want his presence to pose as an obstacle, and wanted managers to be free to negotiate with creditors to relaunch Pescanova conditions.

Regarding the KPMG audit, Mr de Sousa said: "Some of my conclusions are not accurate and many have misunderstood." 

However, he said he owed thanks to the transparency of Pescanova's management, revealing the true state of the company.

Regarding the audit, Pescanova's counselor José Carceller ensured that the analysis was so devastating and emphatic that Mr de Sousa has no choice other than to retire, which is equivalent to assuming responsibility.

Mr Carceller further indicated that a new era for Pescanova has now been opened and that the company would make sure that the corrupt practices of the former team run out with Mr de Sousa.

According to the KPMG report, with Mr de Sousa in the lead, accounting adjustments were made so as to not record losses in excess of 1016.85 million between 2010 and 2012, as well as other unrecorded losses prior to 2010.

Pescanova's financing bank obtained through documentary credit transactions made by Group companies. There was an actual operation behind the import and export of goods. Therefore no shipping documentation and customs were provided to financial institutions, according to the report.

Mr de Sousa concluded his speech by noting that the company has gone through enormous difficulties due to the crisis, but will go ahead as it is - a world leader in the food industry.

TheFishSite News Desk

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