A report on the financial situation of the troubled pearl factory Majórica shows that the past three years have had negative results but the company continues to present a balanced report and has sufficient assets in circulation to cover short term debts. The report was commissioned by the CC.OO (Workers Commissions) union and shows that an operation carried out in 1998 was irregular as it involved a loan by shareholders at 15 per cent payable annually, when they are not allowed to make such loans. The report concludes that the company's problems can be summarised in four main points:
1. The liabilities of Majórica SA come basically from the liability generated by the new shareholders when the shares of the former Majórica SA and Perlas de Manacor SA were acquired.
Unions release findings of report on Majórica
02/12/2001 00:00
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