The ‘relevant events’ from which the key contents were transcribed signal the conclusion of a series of
transactions performed with derivatives and blatantly concealed from a good portion of the companies’
shareholders. The disclosure employed by the companies in their SFS and explanatory notes since 2006
does not describe the transactions performed or inform of the risks run by the companies. The manner of
disclosure with the tacit acceptance of these losses may suggest that a part of shareholders, the
controlling shareholders, were aware of and had approved the transactions, or that owing to the
complexity of these instruments they had not assessed the excessive risk that they were running.