Varadia SE Moves for Special Audit at Advanced Blockchain AG
In a significant development, Varadia SE has announced its intention to submit a motion for a special audit concerning Advanced Blockchain AG (ABAG) at the upcoming Annual General Meeting. This motion adheres to Section 142 (1) of the German Stock Corporation Act and aims to clarify outstanding issues that have arisen regarding the company's financial operations.
Concerns Over Financial Statement Preparedness
There are persistent concerns voiced by Varadia SE regarding the actions of both the Management Board and the Supervisory Board at ABAG. The primary focus is on the preparation, audit, and eventual approval of the annual financial statements as of the year-end. These concerns stem from perceived irregularities and potential violations of legal obligations.
Audit Findings and Implications
Notably, the auditor's qualified opinion on ABAG's financial statements has raised serious questions. With approximately EUR 10 million recorded under "Receivables from affiliated companies," which plays a crucial role in the company’s financial health, the absence of a comprehensive audit opinion on this item exacerbates the need for scrutiny.
Promoting Transparency and Shareholder Confidence
The primary goal of the proposed special audit is to illuminate the factors surrounding the auditor's qualified opinion. Varadia SE believes that an in-depth examination into the conduct of the Management and Supervisory Boards concerning the financial statements is essential for fostering transparency and bolstering shareholder trust in ABAG.
Previous Audit Motion and Continued Efforts
This upcoming motion follows a previous request for a special audit, which was submitted during the Annual General Meeting on 20 October. However, that meeting ended without any resolutions being crafted. Varadia SE remains steadfast in pursuing accountability and clarity, reflecting its commitment to shareholder interests.
Access to Proposals and Documentation
For interested stakeholders, Varadia SE's audit motion and accompanying counterproposals can be found in the Newsroom section of their official website. This transparency is part of their ongoing strategy to keep shareholders and interested parties informed about matters affecting the company.
FAQs
What is the purpose of Varadia SE's special audit motion?
The motion aims to clarify potential irregularities in the financial statements of Advanced Blockchain AG, promoting transparency and accountability.
Why is there concern regarding the financial statements?
The auditor’s qualified opinion raised suspicions about the accuracy and legality of the financial practices undertaken by the Management Board and Supervisory Board.
What was the outcome of the previous motion for a special audit?
The motion submitted during the October Annual General Meeting did not lead to any resolutions, prompting Varadia SE to renew its request.
How does this impact shareholders?
By pursuing a special audit, Varadia SE aims to ensure the integrity of the company’s finances, which is vital for maintaining shareholder confidence.
Where can I find more information?
Additional details regarding the motion and Varadia SE's stance can be accessed on their official website.
