Andorra to Virgin Islands
In the Pescanova case, monitoring during instruction uncovered family accounts in Andorra linked to the cash sale of horses valued at 3.5 million euros. In Spain, reports indicated that the family fled to the Pyrenees region out of fear for safety. A separate portion of the case led to the indictment of Andrade and his sons Pablo and Ignacio, though they were ultimately acquitted. There was also a company in Panama and another in the Virgin Islands tied to the case: Reflex Portfolio in Panama, famous for the Panama Papers, and International Management Finance in the Virgin Islands, which ceased operations the same week the family sold a boat. A forensic report from KPMG portrayed Sousa as the organizer or approver of a scheme that contributed to the collapse of the multinational fishing firm.
To the 4.6 million euros that Sousa was ordered to contribute, already blocked since the summer of 2013, the related portion of the penalty for Pescanova SA must be added. That punishment reflects a conviction for falsifying economic and financial information and indicates a beneficiary status in illicit operations. Sousa’s role in defrauded funds is expected to be void unless action is taken by the company to repay through the appropriate channels. The National Securities Market Commission has already discussed the total liability, which was initially set at 125 million euros and would be adjusted by a general deduction affecting the bankruptcy of the parent company. The result would reduce the liability to 3.12 million euros, yet the old Pescanova entities have not agreed to disclose this on the table. Nueva Pescanova, created in 2015, two years after the bankruptcy declaration, took over the fishing operations and is now asked to address these obligations under the terms of contracts made at the time. The supervisory body has emphasized that the financial responsibilities could transfer to the new group led by Ignacio González, according to the latest annual accounts of Nueva Pescanova.
The broader discussion centers on how much the group owes and how much is recoverable. The question remains whether the parties involved will cover the damages sustained by the various creditors and how much will fall on the shoulders of new entities created after the bankruptcy. It is a case that continues to unfold, shaping the narrative of accountability for a company once regarded as a global player in the fishing industry.
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