The self-consumption company EiDF also has a consulting report to present, in this case to defend itself in the face of its delicate situation. In a note sent to the market on which it is listed, BMW Growth, it states that it has commissioned a report from KPMG Abogados, among whose conclusions is that the signs of falsification detected by Deloitte lack “sufficient elements” to constitute a criminal accusation.
This report has helped the shares of the renewable energy company to rise 60% on the stock market this Monday, up to 6.7 euros, which is equivalent to a capitalization of 241 million euros.
It is a timid recovery if compared to the 29.7 euros in value reached on April 14, when the price was suspended between delays in the presentation of the results and doubts from the auditor, in this case PwC. Last Monday, when the price recovered, the value of the company plummeted, going from 1,721 million to just 200 million.
The KPMG report is actually a legal opinion on forensic prepared by Deloitte about the state of the company, which pointed to aspects such as the “falsification of contracts and documents by those responsible for the company” or the existence of “invoices and payments for services that may not have been provided or not justified.” There were also bills of materials for unexecuted works.
KPMG Abogados, affirms EiDF, is of the opinion that “there would not be sufficient elements to fit any criminal type in force in any of the conducts described in the Deloitte report, either due to the lack of an objective element of the type, or due to the total absence of simulation, or due to the non-existence of a violation of the protected legal right”.
From the “contractual and commercial” point of view, he points out, “there would be no indications that lead to the conclusion of the existence of simulated or otherwise anomalous legal transactions,” such as “fraudulent, fiduciary, or indirect” transactions.
The company also maintains that its corporate structure is “constantly evolving and adapting to current regulations.” The company has announced that it is, as claimed by the CNMV, looking for a replacement for Fernando Romero as CEO. It will also hire new finance and operations managers.
Until the detection of signs of irregularities, the company was by far the most successful of those listed on BME Growth. His intention was to make the leap to the Continuous Market in the first half of this year and he had reported that he could carry out a capital increase for more than 100 million. Its capitalization exceeded that of listed companies such as Sacyr, Meliá, NH, Prosegur or Dia.
