Austrian technology company S&T has commissioned Deloitte to conduct an external audit, following complaints from activist investor Viceory Research.
Following a Viceroy report released this month that caused S&T to collapse, the company released a detailed response to the allegations.
“Our statement shows that Viceroy Research has made extensive miscalculations in its report, which can not withstand an objective examination,” said S&T CEO Hannes Niederhauser, adding that Viceroy had not contacted the company before publish her report.
The complaints concerned the corporate structure of the company, the off-balance sheet entities and the activities in Eastern Europe.
S&T stressed that the board will appoint an external, independent expert as chief compliance officer as responsible for legal compliance and corporate governance, on its executive board.
“We will comment on the results of this independent audit as soon as they are available,” Niederhauser said.
The BoD will also propose the appointment of KPMG as the new auditor from 2022, replacing EV.
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Source From: Capital
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