Is Voestalpine really in trouble now? After it became known on Wednesday that the steel group from Linz (Upper Austria) had not noticed the fraudulent balance sheets of a German company for years, the financial markets regulator is now focusing on the company.
The figures of a German company in the Metal Forming Division must have been embellished for years! A manipulation that only became clear when the general manager of this area left the company.
This issue, which has been bothering Voestalpine since the spring and which the steel company had hidden in the 2023/24 annual report from page 112, has now become a matter for the supervisor of the financial markets. The FMA focuses on Voestalpine and examines whether the company has violated a reporting obligation.
“We have of course continuously investigated an ad hoc obligation in this case and have always come to the very clear conclusion that no such obligation exists,” company spokesman Peter Felsbach told the APA.
Any punishment can be expensive
The fact is: if the supervisory authority on the financial markets finds a violation, this can be very expensive for Voestalpine. The fine amounts to 2.5 million euros or two percent of turnover.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
