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

A Spanish judge froze bank accounts belonging to Pescanova 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.