20.06.05Independent Consultant Finished Audit of "Tatnet`s unusual" transactions" | The English legal firm " Kennedy's " attracted by the committee on audit of " Tatneft " Board of directors has finished the analysis of transactions concluded by the company and defined by "Ernst*Young" as "unusual" is said in the message of "Tatneft".
As "AK&K " agency reminds, at the end of June, 2004, "Tatneft" notified SEC (the USA Commission on securities and stock exchanges) that it cannot in time - by June 30 - to give the report for 2003 according to US GAAP because of the lack of the auditor conclusion. The point is that carrying out audit of the reporting of the company for 2003, "Ernst*Young" revealed a number unusual transactions with participation of the companies, mainly located outside the Russian Federation, character and which purposes were not clear. General director of "Tatneft" Shafagat Takhautdinov making comments on this situation said that the point is about transactions relating to securities and real estate.
For a year "Kennedy's" has investigated "unusual" transactions of "Tatneft". In a result lawyers have not found out the facts of swindle is said in the message of "Tatneft" and found out, that part of means received at realization of investigated transactions were used on purchasing shares of the company for the purposes of the future program of encouraging employees and that other transactions were loans. Thus research has revealed, that the organization of the internal control of the company did not fully comply with requirements of the USA legislation on securities. |
