Voestalpine CEO Says Accounting Fraud Wasn’t Systemic: Trend

Voestalpine AG’s communication about accounting fraud discovered at a German subsidiary could have been better, Austria’s Trend magazine reports, citing an internal statement made by Chief Executive Officer <-bsp-person state="{"_id":"00000190-3176-d5f2-a594-f776d9210000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Herbert Eibensteiner.

• The “isolated” irregularity took place over a decade and resulted in the company paying too much tax: Trend
• Co. hasn’t detected any other instances of fraud
• Note June 18: Austrian financial regulator FMA is assessing whether steelmaker Voestalpine met legal obligations when disclosing balance-sheet fraud
  • Review may take several months and may assess whether information was published in a correct and timely manner
• EARLIER: <-bsp-bb-link state="{"bbDocId":"SEM6B7DWLU68","_id":"00000190-3176-d5f2-a594-f776d9230000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Voestalpine Restated 2022/23 ...