business

Pescanova chairman lent firm just €9.3 million after selling shares worth €31.5m

Sell-off came in the months just before seafood firm's financial problems came to light

Manuel Fernández de Sousa, the chairman of troubled firm Pescanova, which has called in the receivers, lent the seafood processor 9.3 million euros for three months using the proceeds from the secret sale of shares he held in the firm.

In a statement filed with the National Securities Commission (CNMV), Pescanova said Fernández de Sousa obtained 31.5 million euros from the sale of about a seven-percent stake in the company. The shares were sold in the months just before Pescanova's financial problems came to light, earlier in April. The loan, which was meant to help resolve Pescanova's liquidity problems, carries an interest rate of five percent.

Fernández de Sousa claims to have made a loss from the sale, which was not initially revealed to the CNMV.

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