Volga | Finance, business

Nutrinvestholding board issues a statement

23 Apr '10
Source: Advis.ru

The OAO Nutrinvestholding board of directors is addressing its shareholders and creditors, as well as potential buyers of follow-on stock registered for issuing on February 25, 2010, with the following information:

1. OAO Nutrinvestholding is in the status of a technical default at the moment on its outstanding debt; the company has received an enforcement order for its $374k Russian outstanding payables to creditors that did not participate in restructuring. INFOLine has reported that (www.ADVIS.ru).

2. The OAO Nutrinvestholding board of directors drafted and approved the firmís Consolidated Statement of Financial Condition for the company and its subsidiaries (referred to hereinafter as Nutritek Group or Group) as of December 31, 2008.

Nutrinvestholding shareholders and creditors, including potential ones, are requested to bear in mind the following:

A. The Statement has been prepared by the Group in accordance with accounting policies described in a Note to it. The balance uncovered by the policies has been governed by the IAS, except the clauses on information disclosure.

B. Nutritek Groupís Statement dated December 31, 2008 reveals a deficit with liabilities exceeding assets by $60.8m.

C. Following change of the Group auditor and that of the companyís reporting timeframes (from March 31 to December 31) the Group has decided to make a pause in IAS reporting. The December 31, 2008 Statement of Financial Condition can be found on Nutritek Groupís corporate website. To avoid misinterpretation of the Group financials presented for different fiscal periods, the Group has made the decision to only present the December 31, 2008 Statement of Financial Condition. The former auditor has withdrawn its prior conclusions.

3. The OAO Nutrinvestholding board of directors is presently working to investigate into non-compliance with internal control regulations with respect to Group operations committed during prior reporting periods. With certain findings already in hand the board establishes the fact of inadequate internal control in prior reporting periods, which has adversely affected the Groupís financial status. In close collaboration with OAO Nutrinvestholdingís new management led by James Dwyer the board of directors is doing its utmost to restore control at OAO Nutrinvestholding as required by best practice in corporate governance.
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