Smart city schemes face uncertainty as Wi-Fi firm goes under
Let¹s Gowex, the Spanish-based Wi-Fi working on 'smart city' initiatives in the UK said yesterday it would file for bankruptcy after its founder and chief executive admitted filing inaccurate accounts.
In a statement to the Spanish stock exchange published Let¹s Gowex said that Jenaro Garcia Martin, chief executive officer and chairman, had resigned after telling board members "that the accounts of the company, for at least the last four years, were unfaithful and that he was responsible for this misrepresentation".
"The board, confronted by the expectation that the company would not be able to cope with its maturing current debt payments, agreed to file a voluntary request for bankruptcy."
In May this year, the company announced a 10-year deal under which it would provide free Wi-Fi to Newcastle and Gateshead. Let¹s Gowex has previously announced contracts in Dublin, Edinburgh, New York, Chicago, Miami, San Francisco and Madrid.