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Agribusiness: The Agony of Pescanova

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The Galician fishing company, Pescanova, with a presence in 11 Latin American countries, will sell its assets as a way out of financial crisis. About 8,000 employees will lose jobs. In April, when the National Securities Commission requested statements from all of Pescanova’s creditors, it not only definitively ended the era of Manuel Fernández de Sousa-Faro, who had presided over the company with an iron fist for three decades, it also exposed the hidden accounting of the fishing company that had been a symbol of Galicia. Hidden under the carpet was a debt of $4.4 billion, almost triple what the […]
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