Voestalpine CEO Says Accounting Fraud Wasn’t Systemic: Trend

Voestalpine AG’s communication about accounting fraud discovered at a German subsidiary could have been better, Austria’s Trend magazine reports, citing an internal statement made by Chief Executive Officer Herbert Eibensteiner.

• The “isolated” irregularity took place over a decade and resulted in the company paying too much tax: Trend
• Co. hasn’t detected any other instances of fraud
• Note June 18: Austrian financial regulator FMA is assessing whether steelmaker Voestalpine met legal obligations when disclosing balance-sheet fraud
  • Review may take several months and may assess whether information was published in a correct and timely manner
• EARLIER: Voestalpine Restated 2022/23 ...