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Temenos, a banking program firm centered in Switzerland, has accomplished an ‘impartial evaluation’ into allegations of financial misconduct manufactured by US financial investment investigate firm Hindenburg Research in February.
Hindenburg Investigation’s statements, which followed a 4-month investigation, alleged that Temenos engaged in numerous kinds of fiscal manipulation to artificially inflate its earnings. It cited findings from interviews with 25 previous staff members, which include senior executives, revealing what it explained as ‘hallmarks of manipulated earnings and main accounting irregularities’.
Subsequent the allegations, Temenos professional a sizeable setback in its stock value, plummeting almost a 3rd – the drop also marked the major single-working day fall in Temenos’ investing background. In response to these accusations, the corporation’s board of administrators fashioned a special committee of independent directors to investigate the statements.
The report
Temenos said that it granted unrestricted access to organization executives, staff, information, communications, and all applicable documents to the impartial examiners. Their critique analysed the allegations made by Hindenburg Study, which includes Temenos’ compliance with relevant accounting expectations and polices, its strategic partnerships, its licence renewal practices, the good results of its items, its shopper interactions, as nicely as inventory buybacks.
The Unique Committee was shaped by Temenos’ board led by the non-government chairman, Thibault de Tersant. The committee was assisted by Schellenberg Wittmer Ltd, Sullivan & Cromwell LLP, and forensic accountants from Alvarez & Marsal Switzerland LLC (identified as the ‘unbiased examiners’).
Its subsequent report decided that Hindenburg produced a series of ‘inaccurate and misleading allegations about Temenos and its accounting, goods, and consumer relationships’. In addition, Hindenburg introduced ‘purported ‘information’ about Temenos in a distorted manner or out of context’.
Commenting on the announcement, Thibault de Tersant, chairman of Temenos, stated: “I am delighted that the impartial examiners have concluded their critique with the comprehensive cooperation and transparency from employees across the business enterprise.
“The report has observed that Hindenburg’s Research’s allegations had been inaccurate and misleading. It obviously reinforces the board’s look at that Temenos is operating a seem organization, providing very best in course items and has sturdy economic controls and solid governance oversight.
“Temenos continues to be completely centered on servicing its clientele and setting up interactions with its partners. The board is self-assured that Temenos’ strategic approach and critical mass will enable it to proceed to lead this industry.”
The post Temenos Investigation Concludes: Findings Launched on Misconduct Allegations appeared initially on The Fintech Occasions.