Four ex-executives of Nueva Rumasa have blown the whistle on the company, accusing it of massive levels of fraud and implicating its owners, the Ruiz Mateos family. Its debt to the tax man has grown to 290 million euros since 2006 and comprises unpaid corporation tax and VAT. The ex-executives are offering to appear as witnesses at the inevitable trial.
Nueva Rumasa, and particularly its owners are no strangers to scandal, especially of the false and imaginative accounting type. The company is in serious trouble, with some of its subsidiaries virtually bankrupt. It looks very much as if Nueva Rumasa will go the way its predecessor, Rumasa did in the 1980's. Watch out for some colourful events!
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