SPAIN - Investors in Spain's first dedicated scuba diving resort brand sue its CEO David Clivet, for loss of investment and damages totaling 635,000 euros. It's alleged that its he created false accounts, breached the Spanish Companies act, tax and social security laws and willfully mislead the board and shareholders to deceive the investors.

Mr Clivet failed to explain where investment had been spent nor respond to the discovery of the true valuation of the business. According to the 2017 accounts filed only in May 2019, Blue Explorers S.L has a net value of 80,000 euros, with just 100 euros in the company bank account. Blue Explorers Resorts S.L was formed in 2017 with investors providing funds and Clivet would merge his dive center business in the new venture with capital of under 1,000,0000 euros.

The first resort opened in May 2018 and Clivet soon after insisted he ran the business, with no governance and no investors on the board. After a failed attempt [by Clivet] to remove board members in order to raise the company's capital, the investors engaged leading Spanish law firm, Mariscal Abogados, who reviewed the transaction, which resulted the serious allegations filed in the lawsuit.