UPDATE 1-Spain's Pescanova finds mismatch in its accounts

MADRID, March 12 Tue Mar 12, 2013 1:59pm GMT

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MADRID, March 12 (Reuters) - Spanish fishing company Pescanova said on Tuesday it had found discrepancies between its accounts and its bank debt.

Pescanova's statement comes a day after the stock market regulator opened an investigation into the company for possible market abuse.

Galicia-based Pescanova, which catches, processes and packages fish on factory ships, said in a statement to the stock exchange that its auditor, BDO Auditores, was looking into the issue.

"We have detected discrepancies between our accounts and bank debt figures, discrepancies which could be significant and we're in the process of revision and consolidation," the company said. "The moment we know the size of the discrepancies, we will immediately inform the (market regulator)."

Auditors BDO could not immediately be reached for comment.

Earlier on Tuesday, the stock market regulator suspended the company's shares, which were trading 19 percent lower.

Pescanova filed for insolvency on March 1 after failing to sell part of its salmon farming business.

The company, a big employer in the northwestern region of Galicia, also did not report earnings by an end of February deadline as required by law.

Pescanova had debt worth 1.52 billion euros at the end of September last year.

(Reporting By Sonya Dowsett and Paul Day. Editing by Jane Merriman)

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