Spanish Retailer Dia Under Investigation Over Financial Accounts

A Spanish magistrate has launched a criminal investigation into suspected account-fiddling at retailer Dia under its previous management, before Russian oligarch Mikhail Fridman took over the near-insolvent company last year, Reuters reported. Magistrate Alejandro Abascal said in court documents seen by Reuters that he was looking into whether the company’s management, including then-CEO Ricardo Curras, manipulated Dia’s pre-tax earnings data in 2017 to make it falsely appear the company had reached financial targets. The plan, which court documents allege Curras had masterminded in order to justify his annual bonus, saw Dia’s 2017 EBITDA inflated by over 51 million euros ($57 million). Read more

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