Day 14 after the accounting scandal at Voestalpine became known – and this time the steel company itself is adding fuel to the fire. CEO Herbert Eibensteiner addressed the employees in a video and talked about the status of the investigation and the consequences.
The balance sheet of a German company in the metalworking division was enhanced by no less than 100 million euros in a period of ten years! This irregularity, which the Voestalpine Group discovered in February 2024 and subsequently concealed on page 112 of the 2023/24 annual report, is still causing a stir even fourteen days after it became known to the public.
Now CEO Herbert Eibensteiner added fuel to the fire. Reason: a video for the company’s employees. He explained the situation again and also emphasized that from today’s perspective, no money had flowed out of the company. But also interesting: Eibensteiner points out that Voestalpine “may have paid too much tax”.
Investigations are underway
This does not seem to be clear yet. They are also still trying to unravel the case. But what seems clear is that two employees worked together over a period of ten years. The motive? Probably because they wanted to present the figures better in order to boost their own career.
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.
