EQS-Adhoc Media Release - Seite 2
Swiss Steel further announces that a complaint from a former employee at our Business Unit Ascometal has been received containing a number of criticisms and allegations. In our view, the most material allegations relate to the behavior and practices of certain members of management at Ascometal and to allegations regarding certain accounting treatments at Ascometal in 2020, in particular in relation to the capitalization of costs as property, plant & equipment (fully impaired at Ascometal) that would otherwise classify as operating expenses, as well as the timing of recognition of a credit to an expense item in relation to an energy supply contract.
We take such complaints and allegations extremely seriously and have immediately launched an internal investigation with the support of an outside legal counsel. The initial results of our internal investigation have so far not revealed matters in relation to the actions of Ascometal's management or Ascometal's accounting policies and treatments that in our view are material to our historical financial information in the context of the Offering. In addition, based on preliminary results of the internal investigation, we have already been able to assess certain of the former employee's complaints and allegations as unfounded. We will continue our internal investigation until all complaints and allegations have been thoroughly assessed. Inherently, the outcome of such an internal investigation is difficult to predict and, as a result of a further, more detailed internal investigation, additional findings may be made.
For further information:
For media queries:
Dr. Andrea Geile, email@example.com, tel +41 (0)41 581 4121
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About Swiss Steel Group
The Swiss Steel Group is currently one of the world's leading providers of customized solutions in the field of special long steel products. The Group is also one of the leading manufacturers in the global market for both tool steel and stainless long steel and is one of the two largest companies in Europe for alloyed and high-alloy engineering steel. With close to 10,000 employees at its own production and distribution companies in over 30 countries across five continents, the Company supports and supplies its customers around the globe and offers them a full worldwide portfolio from Production and Sales & Services. They benefit from the Company's technological expertise, consistently high product excellence across the globe, and in-depth knowledge of local markets.