External audit: S&T sees itself almost completely exonerated from Viceroy allegations

“The allegations made by Viceroy turned out to be almost completely unfounded,” the company, which is listed in the SDAX, announced on Tuesday in Linz after the investigation by the auditing firm Deloitte. The allegations either did not affect S&T at all, were misrepresented by Viceroy, or had no material significance. Only in the consolidated financial statements for 2017 was a reference to a transaction with a related company missing. However, this has no effect whatsoever on S&T’s previous financial statements.

Last year, Viceroy accused S&T, among other things, of having acquired a number of IT companies, particularly in Eastern and Southeastern Europe, very quickly and without a sufficiently thorough examination. In addition, S&T did not present some holdings transparently enough.

The IT service provider had then repeatedly rejected the allegations. At the end of December, S&T commissioned the auditors from Deloitte to carry out a “forensic examination” and has now published a “summary of the main results” of the investigation on its website. The company intends to present the audited annual financial statements for 2021 on March 21 as planned.

Shortly after the start of trading, the shares rose by more than twelve percent.

/stw/mis

LINZ (dpa-AFX)

Image sources: S&T AG