2024-03-05 19:56:06
Geneva (awp) – Under fire from the American company Hindenburg Research, the banking software designer Temenos announced Tuesday evening that it would postpone the publication of its 2023 annual report until probably April 15. This is to ensure that the publication will correspond to the evolution of the independent investigation, the company said.
Initially, the annual report was to be published at the end of next week, said a spokesperson contacted by AWP. Last week, Temenos created an investigation committee made up of the company specializing in forensic accounting Alvarez & Marsal, the Swiss advisor Schellenberg Wittmer and the American advisor Sullivan & Cromwell.
The case was sparked after allegations raised in the recently released report by Hindenburg Research. The latter had unveiled at the end of February, ahead of Temenos’ annual results, “a four-month investigation involving interviews with 25 former employees including managers and which reveals traces of manipulated profits and major accounting irregularities”.
Temenos strongly contested these accusations and the board of directors indicated that it wanted to carry out an in-depth examination of these accusations.
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