[Flashback] WiFi provider Gowex goes bankrupt and admits falsifying accounts

http://www.ft.com/intl/cms/s/0/851d118c-0516-11e4-b098-00144feab7de.html#axzz3QfbQsc7s

Posted by LIM Hui Jie, Year 4 undergrad at the School of Economics, Singapore Management University

One of the brightest stars of the Madrid stock market imploded on Sunday, after WiFi provider Let’s Gowex was forced to declare bankruptcy and admit that its chief executive and founder had falsified the company’s accounts for at least the past four years.

In a statement, the board of Gowex said it had accepted the resignation of Jenaro García Martín after he took full responsibility for fake accounts.

“I made a voluntary confession in court. I want to collaborate with justice. I will face the consequences,” Mr García Martín said on Twitter. The posting followed a message saying: “I ask everyone for forgiveness. I am deeply sorry.”

Read more: http://www.ft.com/intl/cms/s/0/851d118c-0516-11e4-b098-00144feab7de.html#axzz3QfbQsc7s

 

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