Updated on Wednesday, November 24, 2021 – 19:07
Facade of the Provincial Court of MadridEduardo ParraEuropa Press
The Examining Court number 49 of Madrid investigates the existence of a supposed double accounting in the investment fund Portobello. One of the partners of the compendium of Vivanta dental clinics, participated by the venture capital company, has made available to the judge an email that was sent by mistake by an employee and which supposedly reflects the false accounting with which income is reduced to avoid payments. In this way, Portobello would have simulated before the salesmen of dental centers being in losses or registering minimum profits to hide from them the payment of successive amounts linked to the progress of the business.
According to the complainant, one of the salespeople from clinics to Portobello received the December 16of 2019 an email sent to him by an employee of the Vivanta Group, under the control of the investment fund. In this documentation it appears that dental clinics registered real income of 492,884 euros in front of 320,000 declared in front of third parties. Along with this email has been provided another in which the sender asks that the document in question not be revealed because his job position and the future of his family were at stake.
The court is holding an investigation for fraud into the acquisition by Portobello of the Health Management group paying half of its market price through a “deceptive operation”. In view of the complaint filed by the seller, the Provincial Prosecutor of Madrid It has indicated that the alleged “manipulation of the balance sheets with the aim of not paying” the complainant the price that had been agreed should be investigated.
In this line the Public Ministry highlights an expert opinion provided in the case by the complainant in which mechanisms such as “increase spending” to “shift profits in different accounting years” are outlined. But there is also a counter report provided by Portobello and prepared by KPMG which refers to the real “increase” in costs and the “downward evolution of the clinics business”. But, in no case, to the “manipulation of the information”.
In view of the two opinions, the Prosecutor has requested the ratification of the expert reports in court to subject them to “contradiction” in order to determine whether there has really been a “manipulation” as claimed by the complainant or before a simple “interpretation of the accounting or a justified increase in expenses “.
However, the judge instructing the case has opened proceedings against those responsible for Portobello and summons the legal representative of the companies Portobello Capital and Cartera Vivanta on January 13. At the same time, it demands a copy of the contract of sale of the dental clinics.
Portobello has reacted in his defense by denying the veracity of the email with the alleged double counting and calling the report of the complainant “manipulated and fallacious”. Likewise, he accuses him of plotting “blackmail” against the company and attributes a crime of extortion to him by assuring that he demanded 80,000 euros in exchange for withdrawing their demands.
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