DGAP-Adhoc
Hess AG: Suspicion of Manipulation of Balance Sheets
Hess AG / Key word(s): Legal Matter/Change of Personnel
21.01.2013 16:37
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
Hess AG: Suspicion of Manipulation of Balance Sheets
Villingen-Schwenningen, this 21 January 2013 - Internal researches at Hess
AG (´Hess AG´ or the ´Company´) have revealed that the Company has probably
been, with the knowledge of the management board, in continuous breach of
accounting rules for a remarkable period of time. It is, inter alia,
suspected that Hess AG has at least since the year 2011 accounted for not
existing revenue and income. Accordingly, it is likely that in the
financial statements of the Company for the years 2011 and 2012 sales
revenues were accounted for which were actually not achieved, and that also
the financial situation of the Company was described too positively.
In an extraordinary meeting of the supervisory board of the Company which
was called for today, Monday, 21 January 2013, the supervisory board has
revoked the appointment of the two members of the management board of Hess
AG and has terminated their service agreements for good cause with
immediate effect.
In addition, in his meeting as of today, the supervisory board has
appointed Dr. Till Becker with immediate effect as member of the management
board of the Company.
Equally, in his meeting as of today the supervisory board has resolved to
execute with im-mediate effect an economic and legal special investigation
of the Company by independent auditors and lawyers, in order to determine
the exact amount of a potential damage and cor-responding legal claims.
The Management Board
21.01.2013 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Hess AG
Lantwattenstraße 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
Villingen-Schwenningen, this 21 January 2013 - Internal researches at Hess
AG (´Hess AG´ or the ´Company´) have revealed that the Company has probably
been, with the knowledge of the management board, in continuous breach of
accounting rules for a remarkable period of time. It is, inter alia,
suspected that Hess AG has at least since the year 2011 accounted for not
existing revenue and income. Accordingly, it is likely that in the
financial statements of the Company for the years 2011 and 2012 sales
revenues were accounted for which were actually not achieved, and that also
the financial situation of the Company was described too positively.
In an extraordinary meeting of the supervisory board of the Company which
was called for today, Monday, 21 January 2013, the supervisory board has
revoked the appointment of the two members of the management board of Hess
AG and has terminated their service agreements for good cause with
immediate effect.
In addition, in his meeting as of today, the supervisory board has
appointed Dr. Till Becker with immediate effect as member of the management
board of the Company.
Equally, in his meeting as of today the supervisory board has resolved to
execute with im-mediate effect an economic and legal special investigation
of the Company by independent auditors and lawyers, in order to determine
the exact amount of a potential damage and cor-responding legal claims.
The Management Board
21.01.2013 DGAP´s Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English
Company: Hess AG
Lantwattenstraße 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of Announcement DGAP News-Service
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