Latest news with #accountingerrors
Reuters
01-08-2025
- Business
- Reuters
Mutares' accounts being audited by German financial authority, shares fall
Aug 1 (Reuters) - The 2023 financial statements and management report of German holding company Mutares ( opens new tab are being audited by the federal financial authority BaFin which said on Friday it has evidence of accounting errors. Shares in the company were down around 14% by 0702 GMT, having risen 26.5% up to the previous session's close this year. BaFin said it initiated its audit at the end of July and had "concrete evidence" Mutares violated accounting regulations. Mutares said it welcomes the review but is convinced its accounting has been carried out properly and legal requirements met. BaFin said the information Mutares provided on the remaining maturity of receivables from affiliated companies may be incorrect. The regulator also said Mutares' management report may be "incomplete" when it comes to the company's future economic outlook. In its statement, Mutares said that in its balance sheet all receivables had a contractually agreed term of less than one year. "The wording in the notes stating that some of the receivables may not be collected until after 12 months referred to uncertainties in the restructuring progress of individual portfolio companies," the company said. It also criticised the statement that its expectations may be incomplete, saying it believes the most significant financial performance indicators "have been fully forecasted". Both the annual financial statements and its accompanying management and group management report were audited by Deloitte GmbH, Mutares said. The news comes after Mutares in April had been unable to publish its audited 2024 financial statements by the Deutsche Börse deadline due to a prolonged disagreement with Deloitte over how to account for a bankrupt Swedish subsidiary. As a result, the company's shares had been temporarily removed from the SDAX small-cap index.
Japan Times
10-07-2025
- Business
- Japan Times
Panel urges Fujitsu to help victims of U.K. post office scandal
An independent panel investigating the British post office scandal involving a faulty accounting system developed by Fujitsu has urged the Japanese firm, the British government and others to take relief measures for wrongly convicted post office workers. The panel set up by the British government recommended financial redress measures should be taken promptly for some 10,000 eligible claimants. It called for an outline of the measures to be submitted by the end of October. In its report released Tuesday, the panel concluded the redress measures for postmasters and other victims have been insufficient and need sizable improvement. It also stressed the need for affording opportunities for the victims to receive legal advice and for providing financial redress to close family members who suffered serious adverse consequences. The panel proposed setting up a permanent public body to handle the redress measures in a unified manner. In a statement issued Tuesday, Fujitsu showed its readiness to discuss its response to the recommendations and reiterated its deep regret and apology. In the scandal, accounting errors occurred at post offices across Britain that had introduced Fujitsu's Horizon accounting system between 1999 and 2015. The scandal led to indictments of more than 700 people, including post office chiefs. It was later discovered that the problem was caused by a flaw in the accounting system. In 2024, guilty sentences against falsely accused victims were reversed and a compensation law was enacted. A total of approximately £1.09 billion in compensation had been paid to more than 7,900 victims by the end of June.
