At Voestalpine
Balance sheet scandal: Supervisory review will take time
For up to ten years, the balance sheet of a German company in the Metal Forming Division is said to have been embellished - by up to 100 million euros! This scandal, which came to light in June, will keep Voestalpine busy for some time to come. The investigation by the Financial Market Authority alone will take months.
Nothing was reported at the annual press conference for the business year 2023/24, and the annual report itself only mentioned it from page 112 onwards - Voestalpine's stonewalling tactics surrounding the accounting scandal at a German company in the Metal Forming Division caused a huge stir a few days ago.
And the whole affair will not be over so quickly. The internal review of the incidents, which is said to have lasted up to ten years, will take until August or September, according to reports. The special investigation by the Financial Market Authority(FMA) will also take time.
Ettl speaks of "a few months"
According to Helmut Ettl, CEO of the Financial Market Authority, the investigation will take "a few months". The FMA will take a close look at whether the information should have been communicated earlier or whether the steel group has violated publicity regulations.
Potentially price-sensitive information must be disclosed via an ad hoc announcement so that all shareholders have the opportunity to become aware of it at the same time. The sanctions for breaches of ad hoc obligations are very harsh. Penalties of up to EUR 2.5 million or two percent of revenue can be imposed. Voestalpine generated sales revenue of almost EUR 17 billion in the 2023/24 financial year.
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