Almost immediately after securing a US$650m club loan in 2014, the Pacific Andes Group began to breach various terms. This prompted one of its largest bankers, HSBC, to engage FTI to conduct an investigation. This concluded that the group was involved in a number of fictitious transactions to inflate revenues and profits. The loan appears to have been redirected to secure the acquisition of Copeinca, a Norweign fishing company. The group defaulted on the loan in November 2015 which prompted a share trading suspension. The group then took creditors by surprise when it filed for bankruptcy in the US, presumably to secure the best liquidation terms, in breach of various agreements. FTI was appointed liquidator in 2017. Pacific Andes is a confirmed fraud.
Last updated August 2021
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