EiDF uses a report by KPMG Abogados to dismiss Deloitte’s fraud charges

Galician company EiDF for solar self-consumption plants is returning to the charge. The company sent a memo using a report from KPMG Abogados to Bolsas y Mercados Españoles, the operator that ordered the operation of the BME Growth index on which the group was listed. denial of irregularities judicial Deloitte, which was in the company last July,.

The report, whose results were announced on August 24, after consulting firm Deloitte was suspended from listing on BME Growth for growing SMEs for more than four months, was released for not publishing its accounts. Deloitte stressed that when analyzing the company’s figures, it identified “evidence of possible falsification of documents”.. This auditor noted that “evidence of possible falsification of contracts and documents drawn up by company directors”, as well as numerous unjustifiable incidents related to invoices and service payments.

We faced these serious accusations. Galician company KPMG requested a new legal opinion from Abogados. This document states that “any of the behaviors described in the Deloitte report will not have sufficient elements to fit any of the applicable offenses.” absence of simulation or infringement of legally protected property”.

However, in the view of KPMG Abogados, from a contractual and commercial standpoint, “There will be no indication by which the presence of simulated legal proceedings or otherwise anomalies can be detected”.

The Galician company, which specializes in photovoltaic installations for the industry, has seen dizzying growth in just one year. Stock market value reached 1 billion 700 million euros, currently higher than Ibex companies like Sacyr and close to the value of companies like Indra. It was the miracle of Barro, the small town in Pontevedra where the company was born and where its founder, president and CEO Fernando Romero lived. But on April 14, everything changed. CNMV has decided to suspend the listing of the company Due to disputes arising between the company and its newly appointed auditor, PwC, which would make it impossible to sign the accounts within the relevant statutory period.

Now after listing the accounts again after publishing, EiDF is worth less than 230 million; small shareholders (13% of the capital) lost 87.5% of their investment; His top boss, Fernando Romero, who controls 72% of the shares, has seen his assets fluctuate with more than 1,000 million. Another important investor is Alejandro Alorda, from the Catalan family who founded Muebles Kettal, The company, with 7.6% of its capital through Crowd Investments, took a serious hit: Just before the commission suspended the company’s IPO, its participation was worth 131 million; Now its value is only 17 million.

Corporate governance and internal control

Deloitte also noted in its report: judicial About the company’s EiDF An action plan should be implemented to strengthen state corporate and internal control procedures. But the new legal opinion, released this Monday, states that “EiDF’s corporate structure is continually evolving and adapting to current regulations,” and gives an example of the additions to the board of directors whose approval is proposed for the next shareholders’ meeting.

The agenda for this appointment will be sought Proposals to increase the number of board members back to twelve, to include Laura Bravo and Tiago Moreira da Silvia as independent board membersAs well as the inclusion of Guillermo Poch and Laura Zendera as special directors.

Guillermo Poch represents 27 of the company’s initial investors and Laura Zendrera represents the company’s second shareholder., Mass Investments Ark (a company owned by Alejandro Alorda), has applied to sit on the board of directors and owns a 7.61% stake. Other shareholders with more than 5% stake are Prosol Energía (headed by EiDF chairman Fernando Romero) with 72.16% stake and Memento Gestión (a company owned by Julio Sergio Palmero) with 6.63% stake.

Source: Informacion


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