Thursday, September 29

The CNMV fined OHLAy directors 310,000 euros for “inaccurate data” in the 2018 accounts




The National Securities Markets Commission (CNMV) has imposed this Wednesday on OHLA, former OHL, a fine of 250,000 euros, as well as 15,000 euros to four of its directors and former directors, for providing “inaccurate or untrue data” in the financial accounts for the first half of 2018. Among them, the current CEO of the company José Antonio Fernández Gallar.

As stated in the Official State Gazette (BOE) of this Wednesday, the sanctions of 15.000 euros have specifically relapsed into the current CEO, José Antonio Fernández Gallar, in the director César Cañedo-Argüelles Torrejón and in the former directors Juan José Nieto Bueso and Manuel Garrido y Ruano.

Is about a ‘very serious’ offense based on the supply to the CNMV of the consolidated semi-annual financial report corresponding to the first six months of financial year 2018, with «inaccurate or untrue data » in relation to the reported loss figure and the amount of the short-term construction order book.

At that time, the construction company registered a net loss of 843 million euros in the first half of the year, ‘red numbers’ that multiplied by more than twenty to the 32 million recorded a year earlier, as a consequence of registering an accounting adjustment derived from the sale of its concessions division.

The resolution that imposes the aforementioned sanctions is only final in administrative proceedings, being subject to judicial review by the Contentious-Administrative Chamber of the National Court. From the company they have not made any comment.

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