For 12 years, incorrect accounting entries were used to embellish the figures by as much as 99.5 million euros – in February this year, a serious balance sheet distortion at a voestalpine company came to light. While the steel company is currently in the process of sending mail to the tax authorities, the German Public Prosecutor’s Office has dismissed the complaint against two ex-managers.
A legal dispute between OMV and Gazprom Export is creating a tense situation on the gas market: Because an arbitral tribunal awarded the Austrian energy company more than 230 million euros, the Russians stopped deliveries to OMV on Saturday.
What does this mean for large gas consumers such as voestalpine? The Linz-based steel company relies on the promise of its suppliers to receive the contractually guaranteed quantities from Gazprom Export even in the event of a supply disruption, the company led by Herbert Eibensteiner said. In addition, gas is obtained from various international sources, it is emphasized. Thanks to a storage facility built in 2022, these reserves would also guarantee three to four months of operation.
In addition, voestalpine is still dealing with the falsification of balance sheets discovered in February at a German company in the Metal Forming Division, which had been active for twelve years: the tax authorities want to reclaim, correct and verify overpaid taxes of 17 million euros. necessary Tax returns must be filed soon.
What happened to the criminal prosecution against two former members of the management of the company in question? Solution: the responsible public prosecutor in Germany does not continue the procedure for reasons of limitation, but in Austria it is ongoing.
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.
