Agrokor investigating "potential errors" in accounts - Just Food
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Agrokor investigating “potential errors” in accounts

01 May 2017

The restructuring team appointed to run Croatia's indebted food manufacturer and retailer Agrokor has said it investigating "potential errors" in the group's accounts.

The restructuring team appointed to run Croatia’s indebted food manufacturer and retailer Agrokor has said it investigating “potential errors” in the group’s accounts.

Agrokor said in a statement yesterday (27 April): “The group, working closely with its advisors, has identified in preliminary investigations that there could be potential errors in the group’s accounts. These investigations are currently continuing. As a result, the group requests that stakeholders not rely on its historical financial statements until the investigation has been completed and the situation clarified accordingly.”

Meanwhile, Agrokor said it is to convene a meeting of the group’s businesses to approve the appointment of PricewaterhouseCoopers as the new statutory auditors for the group, which will audit the accounts for fiscal 2016.

Agrokor said the appointment will lead to a delay in its release of audited financial statements for 2016 and it will issue a further announcement “within the next 30 days”.

Agrokor-owned businesses include Croatian meat processor Vrbovec, local frozen food and ice cream business Ledo and Serbian condiments maker Dijamant. The group also owns Croatian food retail Konzum and Serbia-based grocer Mercator.

The group announced earlier six banks had “expressed readiness” to pump new finance into Agrokor, after Ante Ramljak was appointed as “receiver” to stabilise the group.