No matter how much one knows about buying and selling frozen fish, many in the trade may not recognize the names Templeton Fish, Sieg Vigo, or El Gran Sol de Altura.
These are three of twelve instrumental entities formed by the former leadership of Pescanova SA, the old Pescanova, which allegedly built a commercial circuit with thousands of fake invoices that never aligned with real salmon or squid. Twelve companies that carried out little activity beyond possessing one or two full‑capacity photocopiers, reportedly approved the fictitious sale of 2.5 billion euros over five years and allegedly provided access to financial products such as documented loans or lines of credit factoring. This pattern was exposed in a trial before the National Court, which involved the group’s former president Manuel Fernández de Sousa after his transfer to Soto del Real prison. Far from an isolated incident, this same mechanism appears to have driven other financial maneuvers in the industry. Reports trace a similar approach to Congelados Cíes, which drafted its balance sheet weeks before acquiring Xeldist Congelados Hyperxel. Supported by the duo Eusebio Novás and Juan José Villamizar, the system allegedly boosted turnover from 223,000 euros to 10.8 million euros in a single year through seven so‑called suppliers and customers. This pattern runs through model 347, presented by Congelados Cíes Noroeste to the Tax Office, which requires records for third‑party transactions exceeding 3,005.6 euros annually. Of roughly 11 million euros billed by the company, founded in 2019 by Villamizar and inherited by Congelados Cíes SL with Novás at the helm since 2016, about 9 million euros allegedly did not correspond to actual swapped goods, according to reporting from Faro.
These figures pertain to the 2020 financial year, with accounts signed on March 9, 2021; two months later the absorption of Hyperxel was formalized, at that time a subsidiary of Grupo Iberconsa. Villamizar and Novás reportedly received financial backing from Certior Capital and Resilience Partners, with nine million euros slated for exchange, though the authenticity of these moves and audit reports remained in question due to the collapse of the distribution network. The episode raised questions about how the key players persuaded funds to participate in such a large purchase and whether due diligence was adequate.
Congelados Cíes’ list of purported suppliers and customers includes several entities directly linked to Eusebio Novás. One is Distrisalnés, listed with an exposure of 2.414 billion euros and previously operating as Congelados Cíes SL until August 2020. The consolidation of these transactions suggests deliberate attempts to inflate revenue. At the Distrisalnés headquarters stood a Congelados Cíes store bearing the same logo and branding, allegedly unrelated to the original business to support this scheme.
Another name on the list is Delicias Marín, a café on Rúa Real, with a sole manager tied to Inversiones Vive 607 and to Novás. Also noted is Oceanic Tresdes, listed for more than 626,000 euros. This entity is registered in La Finca, Pozuelo de Alarcón, under Corporación Vasiliev, whose sole manager is Novás’ current partner, a businessman born outside Spain who became a citizen last December. Local sources describe the ambitious lifestyle connected to this network, including a residence in the upscale La Finca and payments of substantial monthly rents to a well‑known former football player.
Within this web, the involvement of Eusebio Novás is underscored by the Official Credit Institution’s collateral figure of 440,000 euros in fiscal 2021 and six separate lines of credit, all approved before the Hyperxel acquisition. The documentation indicates guarantees for finance companies and the self‑employed, with Congelados Cíes Noroeste SA receiving support under royal decree measures intended to cushion the impact of the COVID‑19 crisis.
In Meaño’s A Pedreira industrial zone there is a nearly 9,000‑square‑foot property behind a granite wall and a large metal door where an activity debate arose. An application in 2008 for a hot agglomerate facility was not completed in time, but a local police officer confirms that activity persisted despite missing permits. The council documented the situation and reported that Covisa, a company half owned by Corporación Vasiliev SL and connected to Novás’ current partner, operated there.
On April 27, the Mayor’s Office ordered Covisa to suspend activities as a temporary measure until compliance could be established. The decision was issued with an option for appeal and a chance for reinstatement.
Sources close to the group indicate that Covisa also took part in asphalt renewal work at Peinador airport in Vigo, acting as a subcontractor to the winning firm. It is noted that Covisa has not halted operations at the Meaño site for the time being.
Vasiliev Corporation was founded in October 2021 by a person who appears to have connections to multiple companies later formed and sold. This is how Novás started with Congelados Cíes, a Madrid‑registered firm dating back to 2012, which he acquired six years later.
In the broader context, these developments raise questions about corporate governance, the use of related party transactions, and the risk that a business network leaning on procurement and revenue manipulation could pose to lenders and investors. The reporting indicates a pattern of aggressive expansions accompanied by questionable accounting practices, underscoring the need for robust due diligence and transparent financial reporting in the frozen seafood sector and related industries.