Olive oil maker Grupo SOS is to take legal action against former company executives found to have used a company loan to buy shares.
SOS, the company behind Carbonell and Bertolli olive oil, announced its plans today (21 May), while also naming former Leche Pascual executive Jose Manuel Muriel as its new CEO.
The group has been shaken after a share scandal led to the departure of its chairman and CEO. Ex-chairman Jesús Salazar and former CEO Jaime Salazar used a loan from the business to buy company shares.
The Salazars, who are major shareholders in SOS, then planned to sell the stock to an Arab sovereign wealth fund through a holding company called Condor Plus, a move that had not been approved by the SOS board.
“The board has given the green light to start the legal actions deemed after the audit by KPMG into the referred dealings,” SOS said.
Muriel will join SOS from Spanish car maker Santana Motor. His career includes positions at General Motors and the dairy firm Leche Pascual.