Wessanen probes accounting irregularities

Food group Wessanen said on Monday it had discovered potential irregularities in the financial reports of its American drinks group ABC.

‘It is too soon to use the word ‘fraud’ but you can speak of a deliberate act,’ Adriaan Robertson, vice president of Wessanen’s investor relations told Dow Jones. One or more employees was involved, he said.
The irregularities go back to 2006 and might mean that group equity has been overstated by around €10m, the company said in a statement.
The company has launched an investigation which is now in its early stages. ABC’s chief executive and CFO have both left the company and new management has been appointed.
The investigation means that the sale of ABC, announced in February, is likely to be delayed.

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