RE: @ Wolff .. talking S-hite .. again16 Jun 2023 12:26
@Hexam, the point I am making is when Cine “knowingly knew” they would enter C11, there is speculation out there that this was as early as 2021, so the going concern statement and everything else in the annual report did not go far enough, that’s where the “mislead” is
I tried to provide a parallel in my early post to circumstances of the financial crisis, it’s an industry problem, no one has got the balls (here the directors or auditors) to give “bad news” in the public domain
Annual reports so often become “marketing documents” made anodyne and protected under the collar of listing rules, accounting and audit standards and the like.
No one had the balls to call a spade a spade, that Cine knew this was the outcome. In a different but similar scenario that it was the Cineplex court judgement found Cine guilty of “knowingly knowing” so that’s where the fraud is and how/where you would have to take action to prove it.
The Big 4 will never change or adjust their position, since their argument is they underwrite worldwide capital markets and their compliance departments across the world, numbering employees in the thousands, are now close to “impenetrable” on stuff like this.
It takes something like an Enron or Worldcom to get them to settle in the hundreds of millions, there have been few, if any, since 20 years ago at those levels. Plus who would pay recompense if not them.
A (senior) executive called Guy Jubb from Standard Life used to be the person in the finance industry active in this area.
.. and so .. with respect Wolff, I am not talking s…, or wrongfully pushing back on your claims and assertions, I know what I am talking about here, like you (both) do in your corporate finance arena.
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