The National Securities Market Commission (CNMV) has found in the Galician photovoltaic self-consumption company EiDF indications of possible falsification of documents related to invoices, works or deliveries of materials that directly affect the group’s financial statements.
These conclusions are part of the forensic report commissioned to Deloitte after, in April, the company’s listing was suspended amid delays in the publication of the 2022 annual accounts due to discrepancies with auditor PwC.
EiDF, directed by Fernando Romero, had experienced dizzying growth in just two years. In July 2021, when it debuted on the BME Growth, its capitalization was 75 million. Almost two years later, at the time of the suspension of the quotation, the value had multiplied by 23 and reached 1,721 million, more than Sacyr, Meliá, NH, Prosegur or Dia. The company planned to make the jump to the continuous market in the first half of this year and increase capital by more than 100 million.
The CNMV had demanded that he report what had happened and last week EiDF did so. He also pointed out that in 2022 his income had been 369 million, with an operating profit of 33 million, and he put the accounting adjustment at just 1.7 million euros after the review of the accounts. He also said he would hire a new CEO, as well as new financial and operational leaders.
However, the CNMV found the information “incomplete” and found both “very relevant omissions” in this information and “evidence of great significance for shareholders”. He called on EiDF to change its chief executive and to publish a forensic report commissioned by Deloitte, the findings of which were released yesterday.
The report appreciates “possible falsification of documents and contracts”, “lack of control” and invoices for services not provided.
