Spanish fishing company Pescanova must present its 2012 accounts on Monday in order to inform the Spanish stock market regulator about its true level of debt, local media reported.

Pescanova had presented incomplete information about its accounts, according to the Spanish stock market regulator, after the company found a gap between liabilities requested by creditors and those calculated by the company.

The company could face a serious fine for a delay in presenting its fiscal information.

Pescanova also announced the revocation of its audit company (BDO Auditores), which refused the decision insisting it had done nothing wrong and had shown a willingness to present an audit of its 2012 accounts.

BDO had seen losses of around 70 million euros (92 million U.S. dollars) due to fish deaths in a Pescanova fish farm based in Portugal which never saw the predicted production of around 7,000 tonnes of turbot.

Pescanova is accused of keeping this news from investors because of its confidence that insurers would cover these losses, as well as being over optimistic in its market forecasts. This has been taken as another sign of lack of transparancy in the company's book keeping.

Pescanova filed for insolvency on April 5 after it failed to reach agreement with its creditors (including banks Sabadell, Caixabank, Bankia, Santander, BBVA and Banco Popular) over debts of 2.5 billion euros as calculated by the Bank of Spain. (1 euro = 1.31 U.S. dollars)