Abengoa accuses its legal advisor of denying information and blocking the council


Abengoa’s script seems to hold an unexpected event every day. If the development of the last shareholders’ meeting was not enough, where the board of directors was subjected to the scrutiny of some skeptical investors with the direction of the management, the management team has recently come across a last in the shoe of which fails to detach. Is about Mario Pestaña Sartorius, the former secretary of Abengoa and its operating subsidiary, Abenewzco 1.

In early September Pestaña was appointed director of the group’s legal advice. His appointment came at the proposal of the old management team of the engineering group, as a resource to face the resignation of José Luis Luna, who voluntarily left him to sign for Ontier Abogados. Gallons with which he strengthened his position in the company and assumed an insider executive role that, in this time, has proven to be very active. To the point of be hindering the work of the current council to get Abengoa out of the financial quagmire.

This was warned by the president of the company himself, Clemente Fernández, before the shareholders at the meeting held this Tuesday. He stated that Tab is denying information of a strategic nature as head of the legal department, which controls through an external contract with its own law firm. Agreement that he signed two months ago, upon arrival at the legal department, and which is estimated at around 180,000 euros. However, company sources emphasize that it is the only contract that the management team has not been able to access within all the documentation inherited from the stage of José Luis López Bravo.

The council will request the bankruptcy administrator to terminate the legal contract due to lack of diligence

This last extreme is confirmed by Abengoa, where they suggest that this attitude affects what could be considered as an alleged corporate crime. Specifically, in a crime of denial of the right to information of the partners, which is typified in article 293 of the Penal Code. The article in question provides that the de facto or legal administrators of any company cannot prevent a partner from exercising the rights of information.

Without going any further, they denounce that Pestaña, considered the confidant of the previous president, has refused to provide documentation regarding the offer made by Terramar to rescue Abenewzco 1. In this sense, Fernández said at the meeting that he did not know more details of the proposal than those published in the press, where there has been talk of 200 million euros in capital and financing. For more inri, accused the legal advisor of applying financial assistance in favor of Terramar so that, in the event that its interests do not prosper, be compensated for the expenses incurred during the negotiation process.

Anyway, the 200 million proposed by the Californian manager are conditioned to the intervention of the SEPI, but they do not convince Fernández, who as leader of the receivership of AbengoaShares has stated your preference for an industrial partner with a national pedigree. In fact, it advanced to the shareholders the existence of a second alternative, in the absence of the interested parties taking the step of making a binding offer.

Another of the events detailed by Fernández as an example of Pestaña’s “lack of diligence” is his refusal to give a concrete “and non-evasive” response to Inversión Corporativa, the company controlled by the founding families of Abengoa, in relation to the different aspects of the restructuring undertaken in 2019 that forced the sale of several assets.

Despite its attempts to terminate the legal advice contract, the sources consulted by La Información indicate that the council is tied up. Basically because the decision must be authorized by the bankruptcy administrator of the company, responsibility that falls on EY Abogados. Nevertheless, the council has already put on the table a request to cut this service “for not being a leader” and be considered “unnecessary”, since the work performed by Pestaña can be assumed internally by the eight lawyers that make up Abengoa’s legal department.


Source: LA INFORMACIÓN – Lo último by www.lainformacion.com.

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