Friday, 30 October 2020

Sugeval suspends investment fund participation negotiations in Monte del Barco

The future for investors in Aldesa got bleaker as the Superintendencia General de Valores (Sugeval) – General Superintendency of Securities – on Thursday, March 14, the temporary suspension of the shares of the Monte del Barco project development investment fund, managed by Aldesa.

According to a statement issued by the Sugeval, the regulatory entity received the 2018 financial statements of the fund and, in the report, noted that the comment issued by the public accountant that accompanies the financial statements includes an “abstention of opinion.”

This implies that the auditor was unable to express an opinion on the financial statements because he did not obtain the necessary evidence to affirm or deny that the financial statements actually represent the financial situation of the company.

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According to the audit report issued by the company Crowe Horwath CR “financial valuations carried out by independent experts, recurrent losses, the relationship of current liabilities to current assets and the delays in the start of the project, show deterioration in the capacity to generate cash flows, to recover investments in property development and that support the possibility of staying as a business in progress.

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