Spanish Wireless Network Provider Gowex Filed For BankruptcyTim Kennedy (Author) Published Date : Jul 15, 2014 02:10 ET
Gowex the Spanish wireless network supplier company faced further trouble and filed for bankruptcy after recently it was exposed that there was a huge fraud took place on the company where according to the High court Gowex owner may have to face the punishment of ten years jail.
Gowex has been suffering from some time and according to the Law firm Velez & Urbina the network supplier is on the verge of bankruptcy for their financial crisis where Gowex have ended few of their contracts while many of the new projects has been cancelled.
The company s former CEO and Chairman Jenaro Garcia Martin who accepted that he has been misusing the financial accounts for last four years where Martin was charged for his occurrence.
The former CEO s passport was seized by the High Court along with the authorities have asked him not to leave the country without permission.
The former Chairman of Gowex was asked to report once in a week while he also have to pay 600,000-euro within the next 15 days to get the bail otherwise he have to go behind the bars.
And according to the judge it was a right decision as the jail of ten years which may force Garcia Martin to leave the country before that.
While he also informed that the former CEO and Chairman of the company has a huge amount of 3 million euros on a bank in Luxembourg.
Spanish Wireless Network Provider Gowex Filed For Bankruptcy