2023-08-24 18:53:10
EiDF It will be listed on the BME Growth again starting next Monday at 8:30 a.m. The National Securities Market Commission (CNMV) has just announce the end of the precautionary suspension that it imposed on April 14 after the Galician company did not publish the 2022 results report on time for the relevant disagreements with your auditor, PwC. He did so on August 17, together with some of the conclusions of the ‘forensic’ report commissioned to Deloitte to analyze these accounting differences. It was not enough for the supervisor, who requested more information from the photovoltaic self-consumption group in the face of “facts and evidence of great importance for shareholders.” “Among all, the evidence of possible falsification of documents by the company stands out,” he remarked.
Although it lacks direct powers over periodic financial information, the CNMV recalls that it must ensure “market abuse behaviors”, including the obligation of listed companies to provide the market with privileged information required by law. And it was not the case, according to the entity, which gave EiDF an ultimatum to restore normalcy on the market. I had until 8:00 a.m. today to give you more details about alleged irregularities uncovered by Deloitte. and, furthermore, “without making clarifications, comments or additions from the company”. Otherwise, the CNMV was willing to bring to light the entire ‘forensic’. The publication of the information finally ends with the stock market blocking of the firm based in Barro, which is strongly reprimanded by the CNMV and raises many doubts about internal management.
In today’s response, EiDF picks up Deloitte’s mention of “the strong leadership” held by Fernando Romero, CEO and main shareholder, “both in its commercial sphere, as well as in business development or finance”. “The various evidences collected show that he participated first-hand in practically all the decisions of the company“, he points out. “In some of the activities and operations with third parties analyzed – he says below – situations have been identified in which documents have been created, modified or falsified”. Practices that would affect the relationship “with their clients, with their debtors and with their partners”.
The forensic found “evidence of possible falsification of contracts and documents prepared by those responsible for the company” with three of the four partners analyzed “in order to justify the lack of control” over the companies set up for the projects. All the debtors reviewed by Deloitte “present a direct or indirect link” with Romero, with “numerous relative incidents, among other issues, to invoices and payments for services that may not have been provided or not justified, as well as the falsification of documents”. be false invoices.
Through the hands of Deloitte specialists, 51 works from 35 clients passed. They found possible billing situations for the delivery of materials without having obtained the administrative construction authorization. Also of amounts invoiced for works that do not correspond to the cost incurred on that date or work that “despite the fact that invoicing does not occur, the recorded costs lack economic and operational reasonableness, therefore the income recorded by degree of progress would not reflect the reality of the work”.
The CNMV forced EiDF to go deeper into its decision to hire a new CEO. The company has already announced the search for “profiles” to “a firm of recognized prestige”. He attributes it to “the reorganization of executive functions” and the term to do so is 6 months.
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