THE WHAT? Clariant has delayed its Q4/FY2021 results due to an accounting probe, which results from the booking of “certain provisions and accruals” dating back to 2020, according to Bloomberg.
THE DETAILS Shares of the company fell 20 percent this week, falling 1.3 billion Swiss francs ($1.2 billion) in value.
Clariant has hired Deloitte LLP and Gibson, Dunn & Crutcher LLP to lead an independent probe into its books, with the company stating it may need to reinstate its 2020 results and the first half of 2021.
According to a press release, “The investigation focuses on the booking of certain provisions and accruals. It is reviewing whether employees incorrectly booked those provisions and accruals, with the aim of steering the Company’s results to meet internal and external targets.”
THE WHY? The investigation was triggered by information from internal whistleblowers that suggested staff manipulated accounts to meet financial targets, according to Bloomberg.
Conrad Keijzer, Clariant’s Chief Executive Officer, said, “At Clariant, we encourage our staff to speak up and therefore appreciate that our employees brought this issue to our attention. We are investigating this matter with utmost urgency and diligence.”
Clariant stated that the delay of the publication of the Q4/FY2021 results and of the Integrated Report 2021 “has become necessary to ensure a careful and comprehensive review of the matters and the satisfactory completion of the investigation with all necessary assurances.”
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