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The CNMV reveals that EiDF has omitted the executive summary of Deloitte’s coroner

Date: April 17, 2024 Time: 21:48:41

The National Securities Market Commission (CNMV) has accused the firm EiDF Solar of not having provided the market with complete information, omitting the executive summary of the forensic report carried out by Deloitte, ensuring that it has carried out “very relevant omissions “. “. The stock market supervisor has made public this Thursday a request that he sent to the company on August 21 in which he informed him that the information presented by the company last week, with its accounts reformulated after more than four months suspended from quotation, was incomplete and could “lead confusion to the public”.

In this letter, which is collected by Europa Press, the body chaired by Rodrigo Buenaventura announced to the company led by Fernando Romero that Deloitte’s forensic report included a report of facts and evidence “of great importance” for EiDF shareholders. Of them, he highlighted the evidence of “possible falsification of documents by the company, given their special relevance.” In this regard, it added that PwC, the auditor of the group’s accounts, had taken this forensic into account in its work “which has materialized, among other aspects, in a limitation to the scope of its audit opinion, given the weaknesses of internal control identified in the coroner in these matters”.

Last week, EiDF presented its restated accounts corresponding to the year 2022. The group, due to discrepancies with its auditor, later, Deloitte services to carry out “an investigation aimed at analyzing and gathering evidence related to incidents and/or discrepancies” maintained with PwC in the process of auditing its accounts last year.

Last week EiDF presented its reformulated accounts corresponding to the financial year 2022

After the presentation of these accounts, the CNMV urged, in a letter of requirement, EiDF so that, “as soon as possible” and no later than 8:00 a.m. on Thursday, August 24, it will publish the additional information requested and the content . full executive summary of the forensic report. As this period has expired without the company responding to this request, the supervisor has thus proceeded to publish the additional information request that he sent a few days ago.

Lift your suspension with effect from Monday, August 28

Likewise, with the publication of this information requirement, the CNMV has agreed to lift, effective Monday, August 28, the precautionary suspension, which had weighed on the company since April 14, from its trading on the BME Growth. “As a consequence of having privileged information made available to the public regarding the circumstances that advised the adoption of the suspension agreement.”

“Such information includes the communications of privileged information made from the date of the suspension by the issuing company itself and the additional requirement of the CNMV, not attended by the company, published by BME Growth dated today,” it added.

Modification and falsification of documents

Specifically, the information required by the CNMV dealt with facts such as the fact that the report mentioned that “in some of the activities and operations with third parties analyzed, situations have been identified in which documents have been created, modified or falsified”.

Likewise, it was indicated that all the debtors included in the scope of the coroner presented “a direct and indirect link with Fernando Romero, the group’s largest shareholder, and that, according to the report, “numerous incidents related, among other issues, to invoices and payments for services that may not have been provided or not justified, as well as falsification of documents”.

In this sense, referring to the forensic report, it warns that some debtor “would have issued invoices that did not correspond to services actually provided, so they could be false invoices.” Similarly, the CNMV requested information regarding possible discrepancies between costs recorded in accounting and the actual degree of progress of the work included in the report.

A new CEO

In addition, the body chaired by Rodrigo Buenaventura asked EiDF to communicate that it will hire a new CEO, as stated in the information it published on August 17. In this case, the company did send a statement last night in which it indicated that the reorganization of executive functions that it announced implies the hiring of a new director or CEO and that the maximum period to complete the incorporation process will be six months.

This Wednesday, EiDF defended that the measures it has already adopted would allow its negative working capital to be positive at 3.3 million euros in 2022. -which indicates short-term liquidity and its ability to make the necessary investments or purchases in its day-to-day operation- present a positive balance. In the reformulation of the 2022 accounts, the PwC auditor announced that the company had a negative working capital for imports of 20.9 million euros.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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