Arab Today, arab today wifi firm gowex results fake heads to bankruptcy
Last Updated : GMT 09:13:49
Arab Today, arab today
Arab Today, arab today

Wifi firm Gowex: Results fake, heads to bankruptcy

Arab Today, arab today

Arab Today, arab today Wifi firm Gowex: Results fake, heads to bankruptcy

wifi provider Gowex in Madrid
Madrid - AFP

Spanish free wifi provider Let's Gowex revealed Sunday its accounts have been falsified for at least four years and said it is filing for bankruptcy protection.
Gowex, which offers wifi services in world capitals including Paris and New York, made the devastating admission after days of protesting that a damaging US report on its operations was incorrect and defamatory.
Gowex president Jenaro Garcia Martin informed his board the previous day that, in fact, he had faked the company's results, the firm said in a statement released by Madrid's Alternative Equity Market.
"Garcia Martin, chief executive and president, said before several board members that the company accounts for at least the last four years do not reflect the true picture, attributing this falsehood to himself," Gowex said.
Board members revoked the chief executive's powers and accepted his resignation, it said.
"The board, confronted by the expectation that the company would not be able to cope with its maturing current debt payments, agreed to file a voluntary request for bankruptcy."
Gowex had been expected to give a detailed response on Monday to allegations about its operations, which had sent its shares plunging 60.2 percent to 7.92 euros in two days before they were suspended from trade by Madrid's junior stock market, the Alternative Equity Market.
- Shares worth 'zero' -
US firm Gotham City Research sparked the freefall Tuesday by publishing a highly critical report, which had previously been described by Gowex as "unfounded and defamatory".
Gotham City Research called Gowex a "charade" and said its revenues were far lower than the company had reported.
Gotham City said its target price for Gowex shares was zero.
In its 93-page report, Gotham City said Gowex's actual revenues were "at most" 10 percent of those reported.
About 90 percent of Gowex's telecommunications revenues came from undisclosed related parties, Gotham City said.
Gowex's audit fee was only 40,000 euros, far less than would be expected for a company generating revenues of more than 180 million euros, the firm said.
"We have evidence Gowex's largest customer was really itself," the report said.
The European professional investors association ASINVER reportedly filed suit Friday against Gowex with the Spanish public prosecutor alleging false accounting.
Spanish stock market regulators are also likely to face scrutiny over their supervision of the firm's activities.
On Wednesday, the Spanish market regulator, the CNMV, said it had asked the US Securities and Exchange Commission and Britain's Financial Conduct Authority "for information about Gotham City Research LLC and its administrators".
The CNMV said it did so "in order to analyse whether the document published by that entity on Let's Gowex could constitute a possible abuse of the market".
On the same day, Gowex had issued a statement confirming its 2013 revenues of 182.6 million euros ($249 million) and stressing that the figures had been audited.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wifi firm gowex results fake heads to bankruptcy Arab Today, arab today wifi firm gowex results fake heads to bankruptcy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wifi firm gowex results fake heads to bankruptcy Arab Today, arab today wifi firm gowex results fake heads to bankruptcy

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel sees benefits in independent Kurdistan

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday