ZURICH (Reuters) – Clariant delayed the release of its 2021 results due to an investigation into accounting issues, the Swiss speciality chemicals group said on Monday.
An independent investigation is reviewing allegations from whistleblowers of improper booking of provisions and accruals in 2020 and 2021, it said in a statement, adding the company welcomed staff coming forward with the allegations which it took seriously.
“We are investigating this matter with utmost urgency and diligence,” Chief Executive Officer Conrad Keijzer said.
Clariant has appointed independent advisers and external counsel Deloitte and Gibson, Dunn & Crutcher to investigate whether employees incorrectly booked provisions and accruals with the aim of steering results to meet targets.
“At this stage, it is not yet clear whether this issue also
extends to accounting periods prior to 2020,” it added.
Clariant expects to achieve its earnings before interest, tax, depreciation and amortisation (EBITDA) margin guidance of 16-17% for continuing operations in 2021, as sales rose 15% in local currency to 4.37 billion Swiss francs ($4.72 billion), according to preliminary data, it said.
($1 = 0.9252 Swiss francs)
(Reporting by Michael Shields; Editing by Riham Alkousaa and Rashmi Aich)
