JSE-listed firm believes fraud committed at subsidiary | Fin24
 
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JSE-listed firm believes fraud committed at subsidiary

Dec 28 2015 14:01

(iStock)

Company Data

Accentuate Limited [JSE:ACE]

Last traded 0
Change 0
% Change -12
Cumulative volume 41
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town – A market leader in South Africa’s flooring industry has picked up fraudulent activity at its firm and is investigating the matter, according to a Sens statement on Monday.

JSE-listed Accéntuate [JSE:ACE] informed its shareholders that “as part of an internal audit, certain suspicious activities were identified at Floorworx”, which is a 100% subsidiary of the holding company.

“The non-compliance with approved policies and procedures has caused the company to believe that fraud has been committed,” it said.

Accéntuate said it has taken appropriate action, “including opening a criminal case and obtaining urgent interdicts against the alleged perpetrator and related parties in order to protect the interests of the company”.

“Internal investigations continue and the company is co-operating with the relevant authorities in order to bring this matter to a speedy conclusion.

“Urgent action is also under way to recoup any misappropriated funds. No adjustments to any previously reported results are anticipated, no contingent liabilities have arisen and the results for the current reporting period are expected be in line with budget.”

Floorworx is a market leader in the resilient flooring industry and supplies both the public and private sectors with resilient and carpet flooring solutions.

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