The National Securities Market Commission (CNMV) has decided to get involved to bring light and curb the current situation derives suffering La Seda de Barcelona, \u200b\u200bthe largest English chemical company, which takes six months without a listing, losses and dozens of complaints to the Prosecutor and the courts for alleged irregularities committed by its managers. Has been told this newspaper, the national English stock market regulator has responded to allegations made by the United Association of minority shareholders by Seda, who asked the CNMV to investigate whether both the management team's current president, Joseph Luis Morlanes , as the previous one, the English Rafael resigned, have responsibility for the financial impasse live company.
In a letter dated December 3, which this newspaper has had access , director of litigation services and the legal penalties of the CNMV, Alfonso Cárcamo , responds to that association "this Department has determined that converge, in all the letters sent by you, the formal requirements for qualification as a complaint" .
regulator This resolution declared admissible the complaints by the association, which represents 2% of the equity of the company and consists of more than 400 shareholders. also accumulates all in one procedure . In its statement, the regulator states that after the period research is an analysis of the findings of the audit for that, "if appropriate, carried out appropriate research activities."
If the regulator finds that there were responsibilities by previous managers led by English Rafael and José Luis Morlanes, the CNMV has the power to dismiss the Council .
La Seda de Barcelona is six months without go public after June 5 CNMV suspended trading attend their titles by "circumstances" that could disrupt the normal development of value because shareholders initially did not sign the 2008 accounts. The chemical has since lived an intense semester marked by relay in the dome, proposed plan of feasibility cuts, protests by minority shareholders and workers' lawsuits.
A host of irregularities
Complaints that research has just admitted to the CNMV, and on which the next week issued a resolution refer to a host of alleged wrongdoing against English Rafael . Minority shareholders ask the CNMV to disable it for having consented to such malpractice. also require the commission to dismiss the current company president José Luis Morlanes . In the complaint, United for La Seda alleged to have billed the company 231,000 euros improperly .
The manager, according to the complaint, charged the company for efforts to achieve a re- that in reality only benefited Imatosgil, one of the major shareholders of La Seda. The Portuguese minority attributed to malicious manipulation treasury for the purpose of harming the mass of the company. Also, insist on the controversial issue of a loan to the company Jatroil over 17 million euros, which is considered irrecoverable . To make matters worse, minority shareholders disable call for the auditor, Horwath Auditors; to broker speaking on the purchase of shares of the company Imatosgil, and the Portuguese bank Caixa Geral for abuse of dominant position .
La Seda held on 16 and 17 December a extraordinary shareholders meeting in which the management hopes to advance a capital increase amounting to 300 million euros requires the company to pursue its plans for the future. Minority shareholders do not accept to go to a new capital increase and distrust that Morlanes and his team get revive the Silk Road, which has reported losses of 382 million by September. The banks have refused so far, plans to refinance. Minority shareholders also feared that majority shareholders to reduce their assets to take advantage in order to take control, dismantle it and sell . In particular, suspecting that a price reduction of its shares of 1 euro to 0.10 euros only, so that its price would rise from 626 million to just 62.6 million.
complaint with the Attorney
The shareholders' meeting last July approved the dismissal of Rafael English as president. Currently, the economic crime unit of the Office of Barcelona studied accumulate this action for damages to a complaint under investigation in a court in Barcelona for tax fraud, as the former president of La Seda is also charged with fraud to the Treasury.
to all these allegations, issued a personal capacity by the minority shareholders, who deposited the sum United partnership with the Attorney La Seda de Barcelona Anti last Friday. The minority are confident that Attorney act quickly against the English administration and other advisers about a dozen allegedly fraudulent transactions.
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