7 July 2014 - 10:21am | posted by | 0 comments

Wi-fi firm Gowex files for bankruptcy following fake accounts scam

Wi-fi firm Gowex files for bankruptcy following fake accounts scamWi-fi firm Gowex files for bankruptcy following fake accounts scam

Spanish wi-fi firm Gowex has been forced into liquidation following revelations that its founder and chief executive had been cooking the books for four years.

Jenaro Garcia Martin resigned his position after admitting to his board that the company accounts did not ‘show a full and fair view of the company’s situation’.

Martin’s confession came after shares in the firm were suspended on Thursday following complaints from US broker Gotham City Research, accusing Gowex of being a ‘charade’ with revenues ‘at most’ a tenth of what was publicly reported.

This saw Gowex’s share price collapse by 60 per cent before their suspension, despite protestations from Gowex that the report was ‘incorrect’ and ‘defamatory’.

Gowex was a global operation, providing free wi-fi services in cities including Madrid, London and Shanghai.

Be the first to comment on this article: sign in or register.

Latest Projects from the Profile Hub

Retargeting on Facebook by the Numbers 2014

20/10/2014
Since the successful launch of retargeting in the News Feed...

Celebrate MOBO

17/10/2014
Event branding & promotion for Scottish Enterprise...

Journey to the Centre of the Earth!

17/10/2014
In September (2014), the Croatian National Tourist Board ...

Freia relaunch

17/10/2014
Norway’s leading chocolate brand Freia relaunches with a...

Daisy Marc Jacobs Tweet Shop

15/10/2014
Daisy Marc Jacobs and Cult London, social media agency,...