The impact of undeclared financial statements in aiding concealment exposed……..
The Securities and Exchange Commission (SEC) has directed Evans Medical Plc to notify The Nigerian Stock Exchange (NSE) and its dealing members and to issue a press statement on its N490 million loss arising from unsupported inventory balance in its 2008 Annual Accounts.
The Commission gave this directive at a meeting with the company’s directors at SEC headquarters in Abuja following its failure to file the 2008 Annual Accounts on schedule.
At the meeting with the Commission, the Board outlined steps it had taken as a result of this development which included the engagement of PriceWaterHouseCoopers, Ghana to carry out a forensic review of the company’s books.
It had also appointed an Acting Managing Director while the substantive MD and the Executive Director (Finance) were asked to proceed on compulsory leave pending the conclusion of the forensic review exercise.
The Commission also directed the company to submit the list of its direct and indirect shareholdings of the Board members, key officers and their related parties from January 1, 2008 till date.
Evans Medicals Plc has since notified NSE and submitted its shareholding status to the Commission in addition to the final report of the forensic review - which is currently being reviewed by the Commission.
Securities and Exchange Commission
May 28, 2010.