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THE SHAREHOLDERS MEETING 2014

26 Nov 2014
Long meeting at Deportivo. It lasted six hours and there was the old controversy related to the past role of former president Lendoiro. President Tino Fernández and his board succeeded approving all the nine points in the agenda.

43,785 shares were represented in the meeting; it meant the 33.60% of the club’s capital.  There was a debate at the beginning as the board of directors suggested to present all the nine points in the agenda and later hear the comments of the shareholders plus voting to accept each one of the points.

The former lawyer of the club, Germán Conchado, pointed that the statutes established that the opinions of the shareholders should take place after each point in the agenda, but later the new lawyer of the club, Óscar Rama explained that these statues weren’t valid as it wasn’t a document inscribed in the commercial register, so the meeting took place as it was initially planned.

The financial advisor, Carlos Calvete , explained the first four points in the agenda, which were the presentation of the financial reports for the season 2013/14, the budget of that campaign, the results of the fiscal year ending on June 2014, plus the budget for the campaign 2014/15.

President Tino Fernández addressed the shareholders after this and explained that the board was going to vote in favour of all the points in the agenda, with the exception of the gesture of the previous board during the season 2013/14.

“The key word is normalization. It means to replace Deportivo in its normal environment.  We are now at the centre of the society that’s surrounding us, having good relationships with all the institutions. We must have a good relation with everybody, la liga, the veterans and the Galician federation. “ He said to support the job done after ten months in the presidency.

Lawyer Óscar Rama explained later the operation to increase the capital of the club, which was the fifth point in the agenda of the meeting.  Tino Fernández talked for the second time and remembered that this is a measure suggested by the Tax Agency, “Our main creditors were content with the measure of reinforcing the capital. Truly it won’t solve the problem, but our current situation needs several solutions. We understand that this is a good thing and that’s why we are asking to vote in favour of this measure. I’m sure we will have much more owners at the end of this process.”

The seventh point in the agenda was to name the new auditing firm of the club: Auren Auditores LCG. Curiously it was the same auditor that was rejected in the meeting of December. The eighth and the ninth point were among the most expected things from this meeting, because it was related to the issues detected with the gesture of the past board of directors.

The lawyer of the club explained that one of the issues that was detected was the demand against Ángel Lafita, an issue that was going to be too expensive and that, in his opinion, was going nowhere. Later he revealed that the new board of directors found 72 open trials and that since the end of January the club has closed 22 of them.



Tino Fernández and his board of directors during the meeting

Among these cases are seven demands presented before FIFA for the transfer of players and unpaid wages. Óscar Rama named four of the cases: Nélson Oiiveira (€1,400), Paulo Teles (€20,000), Saúl (€236,000) and Bodipo (€60,000). The lawyer explained that the other three cases remain open, so he didn’t want to reveal the names of the players involved. This problem led to a fine of €30,000.

Rama also revealed that the club has been fined for several reasons, one was for not completing properly the papers in the inscription of Evaldo (€17,700) and Camuñas (€14,000) with the social security. Another fine is for €24,400 as the club didn’t present the declaration of the income tax for December/2013. The lawyer also explained that there’s an open case with the Tax Agency as Deportivo didn’t pay the tax after the club collected €2 million in a bonus agreed with Atlético Madrid for the transfer of Filipe Luis.

Then Tino Fernández explaining the situation with the subsidiaries. The main announcement made was that the plan of the board of directors is only to keep the Deportienda. The other subsidiaries will be sold or liquidated. He also revealed that the club will keep the second kit (Galician flag) on next season.

Depor’s president also revealed that the club hasn’t collected anything from the relegation assurance, something that was announced ahead the season 2013/14. He also explained that Lendoiro knew that this wasn’t going to be possible as he received a letter of la liga telling him that the club didn’t have the right to this benefit for been in administration and also for not paying its fees.

The due diligence also revealed other serious problems during the administration of Lendoiro. Among these problems was not inscribing the minute books and the list of shareholders before the commercial register. And the most serious thing is that the new official of the club didn’t find the inscription of Abegondo before the property registration.

Tino Fernández addressed the media regarding this issue and listed the problems, while also warned that the club is ready to take measures against the past administration, “Deportivo is, curiously, a company that was always earning money, paradoxically we starred the major administration case in the history of football. But why we were winning money? Because the financial reports were false.  So, we are going to ask responsibilities to the past board of administration, because for not being reporting the losses we are now paying €9 million in taxes. It’s a paradox, because we are earning money, but were also in administration.”

Later around twenty shareholders offered their opinion on the several issues explained during the meeting, many complaining for the firing of former coach Fernando Vázquez. There was even a shareholder complaining for not having access to the tickers for the game as it happens with the Federation of Peñas.

Then, after one hour of questions and 45 minutes of answers by the president, the shareholders voted in favour of all the points in the agenda, including the increase in the club’s capital.

ARCHIVE NEWS NOV/14

ZAPPING

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