Bertolli olive oil maker Grupo SOS has launched legal action against a third former executive over a recent share scandal.
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SOS said today (22 June) that former operations director Esteban Herrero was dismissed from the Spanish food group on Thursday due to his alleged involvement in the affair.
Herrero has been included in the lawsuit levelled against ex-chairman Jesús Salazar and former CEO Jaime Salazar over allegations the Salazars used a company loan to buy shares.
A former SOS spokesperson told just-food that Herrero was the administrator of Condor Plus, a holding company through which the Salazars planned to sell SOS shares to an Arab sovereign wealth fund.
The move did not materialise but SOS claims the move had been approved by the company’s board.
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By GlobalDataSOS is planning a EUR200m (US$277m) share issue to shore up its balance sheet in the wake of the share scandal, which forced the company to restate its 2008 accounts – and record a EUR190m loss for the year.
Last week, reports in Spain claimed that SOS chairman Mariano Pérez Claver had met with US investment fund Overture Acquisition to discuss possible investment in the company.
An SOS spokesperson, however, refused to comment on the reports, saying only that the group had appointed Credit Suisse to “manage all possible investor interest”.
