GOWEX boss resigns and admits forging company accounts
Wednesday, July 9, 2014 @ 10:37 AM
CHIEF executive officer of Wi-Fi provider GOWEX has resigned and 'apologised' to his staff amid an accounting scandal uncovered in a report by Gotham City Research showing that 90 per cent of sales declared did not exist and the company's value was zero.
Jenaro García Martín admitted he forged the firm's accounts because he was 'unable to manage' its debts, and has voluntarily called in the receivers.
García Martín has also handed himself in to the court and said he will bear whatever consequences are necessary.
GOWEX's shares have plummeted in value by 60 per cent in two days after the Gotham City Research report was published on Sunday, which the CEO initially claimed was 'totally false'.
He then confessed to forging the accounts and inventing sales after the Alternative Stock Market (Mercado Alternativo Bursátil, or MAB) suspended GOWEX's flotation.
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