Financial watchdog investigates Getronics

The financial services watchdog AFM confirmed on Wednesday it has begun an investigation into software company Getronics but refused to confirm if this is related to the release of price-sensitive information. The Financieele Dagblad reports that Getronics is in the spotlight for the way it published a surprise profit warning last year.

Last January the company said earnings at an Italian subsidiary were more positive than they actually were. The paper said CEO Klaas Wagenaar was aware of the problems in the previous December. The surprise departure of CFO Theo Janssen is also under investigation, the FD said.
Getronics published its 2006 earnings on Tuesday evening. The group made a loss of €145m, due to write-offs in Belgium, the UK and US and losses on the sale of some units.

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