A tangled business network once presented as a multinational group reportedly built around thirty frozen goods stores has come under scrutiny for unaudited accounts and a high-stakes financing scheme. In spring 2021, two investment funds were persuaded to loan more than nine million euros to this cluster, which claimed to own a major brand through the purchase of Xeldist Congelados, known in the market as Hiperxel and associated with the Iberconsa family of brands. An investigation by Faro de Vigo of the Prensa Ibérica group uncovered that Vinova was a constructed network created by two partners intended to mislead lenders and trigger Hiperxel toward collapse within a few months. One of the principals, Eusebio Novas Hay, already faced an extensive docket of prior cases. Prosecutors and investigative bodies described Vinova as a pretend multinational, a claim echoed by local press. According to Vinova, the scheme sought to “present a false image of solvency and generate a flood of business activity to secure financing from financial institutions.” The case amounts to what authorities are calling a large-scale fraud. Both businessmen are due to appear in court, where they will be questioned for the first time amid the looming ruin of what is described as the north’s largest frozen seafood chain in Spain.
They were summoned to Instruction Court No. 2 of Marín to answer for actions linked to Congelados Cíes, Pescados Costa Mogor, Ditsch España, Pescados Antorres, and Steamtaste, among others. Defendants include Abelardo Santiago, Ignacio Santiago, and Emiliano José Acevedo, with Eusebio Novas’s presence in the courtroom considered doubtful by insiders familiar with his activities. Originally from Arousa and just 38 years old, the Pontevedra District Court recently confirmed a two-and-a-half-year prison sentence for fraud and forgery of documents. Prosecutor Jesús Calles Villamandos was prepared to seek bail set at six million euros to guarantee any potential liability, in line with Article 589 of the Code of Criminal Procedure.
The loans funneled through their company are said to have financed a lifestyle that included a dozen luxury cars, a yacht, and upscale residences in Pozuelo de Alarcón, La Finca, and Boadilla del Monte. The residence associated with one of the subjects costs roughly 7,000 euros per month, paid to a well-known former Real Madrid player. The yacht used by the group was registered under a company with a partner listed as the sole director. Investigative reporting indicates that about 8,500 euros per day were withdrawn from Hiperxel’s coffers during the year they managed the operation. In a letter to the newspaper, Eusebio Novas claimed no direct ties to Vinova, though he admitted doing business with Villamizar. Prosecutors’ materials, however, corroborate claims of a fraudulent scheme and even indicate the use of identity documents belonging to a Belgian prisoner to sign business records.
They show a broader footprint where Vinova is associated with a cluster of five companies that faced multiple complaints. The period under review, spanning 2016 to 2019, reveals a volume of invoices that suggested strong supplier trust and apparent economic strength. The reported numbers appear astronomical: nearly 140 million euros tied to Congelados Cíes, Pescados Costa Mogor, Ditsch España, Pescados Antorres, and Vaporgusto. Yet much of that billing is disputed or deemed non-existent. The authors were said to have marketed frozen seafood through operational vehicles that appeared to be run by others but were actually under the control of Eusebio Novas and Juan Villamizar.
The scale of operations makes it difficult to separate real activity from simulated dealings. When measured against the defendants’ favored reference figures, the allegedly defrauded sums exceed 1.8 million euros. The overall portrait that emerges is of a network that used the façade of a large, integrated frozen-food group to secure financing, only to reveal that the underlying operations were not as substantial as claimed. Investigative coverage underscores that the apparent wealth—luxury cars, a yacht, and high-end residences—was sustained by funds connected to the alleged fraud, not to genuine commercial profitability. Authorities have pursued this case as an unprecedented example of an apparent misrepresentation of business vitality to obtain credit. The ongoing proceedings and court appearances are part of a broader effort to hold accountable those who allegedly engineered and benefited from this elaborate scheme.
From the outset, the documentation reviewed by the press and the courts points to a deliberate attempt to mislead investors and financial institutions. The case underscores concerns about how complex corporate structures and seemingly robust revenues can mask fraudulent activity. While some claims about the involvement of specific individuals and companies are contested, the theorem of the investigation remains clear: a sophisticated fraud network exploited the language of multinational growth to secure financing, while real economic value and governance were not aligned with the appearances they projected. The continuing legal process aims to illuminate the truth behind these claims and determine any liability for those involved. The narrative highlights the tension between appearances and reality in corporate finance and serves as a reminder of the vigilance required when evaluating large, cross-border business ventures.
Citations: Faro de Vigo report on the Vinova scheme and related court actions, and official prosecutor filings cited in the Marín court proceedings.