Spain: Banks exposed to Gowex fraud

Comment on this story

JPMorgan Chase and Danske Bank funds are among investors exposed to Let’s Gowex, the Spanish start-up that is filing for insolvency after saying it falsified accounts for four years, it emerged yesterday. JPMorgan’s Euroland Focus fund had 2.9 percent of its holdings invested in Gowex as of May 31, while 2 percent of the bank’s Europe Focus was in the stock. Danske’s Europe Absolute fund had 2.7 percent of its portfolio invested in Gowex as of June 30. Gowex boss Jenaro Garcia resigned at the weekend, taking responsibility for the accounting fraud. Gowex shares fell 60 percent after a report last week by Gotham City Research said the firm inflated revenue. – Bloomberg

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines