manroland AG Discovers Irregularities Relating to Sales Commission Payments
OFFENBACH, GERMANY—09/21/2010—As part of an internal audit investigation initiated by the executive board of manroland AG, irregularities have been discovered relating to sales commission payments. With the involvement of external auditors and lawyers, investigations were performed in close connection with a tax audit. So far, the investigation findings have confirmed suspicions that commission payments were made without proof of services actually having been provided in return.
Investigators are devoting particular attention in this regard to specific cases involving Swiss subsidiary VOTRA S.A. in the period from 2002 to the beginning of 2007. The company’s executive board has initiated a full investigation into the matter by external lawyers, tax advisors and auditors, and has notified public prosecutors of these irregularities and of progress made in the investigation to date.
“We will do all we can to get to the bottom of these and any further abuses that come to light,” said manroland AG Chairman Gerd Finkbeiner. “We have a responsibility to our business partners, customers and staff to make it clear that we will not tolerate legal violations. This investigation has top priority, not least in light of our company’s realignment which was announced last Friday.”
The supervisory board is assisting the executive board with the investigation and fully supports the executive board in the difficult task of guiding the company through the restructuring process.
Source: Company press release.