Shares of Gowex, a provider of free municipal Wi-Fi services based in Madrid, Spain, were suspended from trading following reports of financial irregularities.
Over the weekend, the founder and CEO of Gowex, Jenaro Garcia Martin, resigned. Insiders said Garcia Martin indicated to the board that financial records had been manipulated for some time. The company subsequently announced plans to file for bankruptcy protection.
Gowex has previously announced multiple partnerships with cities and public transport companies to deploy a free Wi-Fi service supported by its business model.
Public transport Wi-Fi projects included with Madrid & Barcelona City Tour, the Subte and the Metrobus of Buenos Aires, the intercity buses of Madrid Arriva de Blas, etc.