acum 11 luni
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Some 40 bondholders of troubled online retailer Vivre filed a criminal complaint against the company, which they accuse of disseminating false information and manipulating the market. The complaint is related to the financial reports filed by the company, especially regarding the marketing expenses of RON 32 million made in 2019-2021 and incorrectly recorded in the accounting as the price of overvalued assets (future sales).
The bondholders say they are not sure whom to accuse particularly but point fingers at the audit firm EY.
Valentin Carnaciu, speaking on behalf of the bondholders, argued that the audit firm should not have accepted the trick, which seems not to breach the accounting principles in force at that time.
"Here is the big problem. The auditors come and promise you to work with them. In the present case, there are Vivre ads on Ernst & Young's YouTube channels as well, which is completely immoral and maybe even illegal. It is very dubious to advertise the company you are auditing on the website. Even if the people from Vivre did it, the auditor should not have accepted such a thing", explained Carnaciu, quoted by Ziarul Financiar.
Vivre Deco, one of the online retailers of home & deco active in Central and Eastern Europe (CEE) until recently under pre-insolvency procedures due to financial difficulties, entered insolvency on March 6, 2023, at its own request.
Vivre raised some EUR 10 million with two bond issues listed at the Bucharest Stock Exchange (BVB). It reversed the marketing assets trick, which resulted in recording losses immediately after raising the money with the bond placements.
(Photo source: Yunkiphotoshot/Dreamstime.com)
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