The Spanish Supreme Court will evaluate financial inconsistencies in Codere, which led to a major legal conflict with the multinational gaming company.
Spain.- According to local media, the Spanish Supreme Court will asses Codere’s economic inconsistencies’ case. In addition, it will evaluate jurisprudence regarding the boards of directors of Spanish companies listed on the Stock Exchange.
Moreover, it will review the responsibilities of the audit commissions regarding the preparation of annual financial reports that include serious errors. Thus, the regulation of the companies listed on the Stock Exchange in Spain could change.
Since Codere revealed it found “inconsistencies” in its operations in Latin America, it is evaluating how to proceed. Despite the negative impacts on its economic structure, the investigation is expected to turn favourable.
Codere members resign
A member of the Codere administrative board recently announced his resignation. At the beginning of the month, council member Fernando Sempere submitted his resignation less than a month after Alberto Manzanares retired. Therefore, the controversy grows around the Spanish gaming company.
The Spanish industry
Different Spanish jurisdictions have taken controversial measures about gaming and generated criticism. However, Spanish private gaming body CEJUEGO supported the measure Madrid recently took.
They assured that the decision is “prudent and accurate.” As they explained, they had “requested planned measures for sustainable and orderly development in the segment”. Therefore, they consider that the government’s position is positive.