Ex-Pescanova Chairman’s Bank Accounts Frozen by Spanish Judge

A Spanish judge froze bank accounts belonging to Pescanova (PVA) SA’s former Chairman Manuel Fernandez de Sousa-Faro and companies linked to him after his wife attempted to send more than $5 million to China.

Judge Eloy Velasco Nunez blocked access to bank accounts in the names of Fernandez de Sousa-Faro, his wife Maria Rosario Andrade Detrell, and companies administered by Fernandez de Sousa-Faro, according to a ruling e-mailed by the court in Madrid today.

Andrade Detrell’s attempt to send funds to China from an account in Portugal last month was thwarted by Portuguese authorities, the ruling said. A spokesman for Fernandez de Sousa-Faro declined to comment on the case.

Pescanova filed for protection from creditors in April and an audit by KPMG found in July that the frozen-fish company used accounting practices to hide part of its debt. Fernandez de Sousa-Faro is being investigated by the court for possible fraud and was ordered this week to put up 178.9 million euros to cover possible liabilities.

To contact the reporter on this story: Emma Ross-Thomas in Madrid at erossthomas@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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