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Spanish Wi-fi firm Gowex "in shock" at CEO's misconduct


By John McCarthy | Opinion editor

July 7, 2014 | 2 min read

Madrid-based Wi-fi provider Gowex has released a statement expressing the company's “state of complete shock” following news that its revenue was only worth a tenth of what was reported - according to US broker Gotham City Research.

Jenaro Garcia Martin took full responsibilty for the accounts

Following CEO Jenaro Garcia Martin’s resignation from the board after admitting accounts did not “show a full and fair view of the company’s situation”, the firm has combated Gotham City Research’s report that claims the company is a “charade”.

After the report was published £690m was wiped from Gowex’s market value - before shares were suspended.

A Gowex spokesman issued the following statement said: “Since the report was published, we have continued working and trusting in the company's irrefutable proofs in order to take apart the arguments reported in the mentioned document, being convinced that the accusations were false.

“We have ongoing [sic] projects with grants for several years, so we are concerned about the customers affected and the damage to our image as professionals, and, also, being linked with some conducts where we just are one more affected part and which we categorically reject.

The spokesman added: "We dissociate ourselves radically and totally of these facts, and we are considering taking legal action as affected part and victims of this situation, which is still being assimilated.

“We expect support and prompt action by the authorities, who we trust, due to our helpless situation.”

CEO Martin's confession came after shares in the firm were suspended last Thursday following complaints from US broker Gotham City Research,

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