Wessanen Reveals Possible Accounting Irregularities At ABC

Shares in Dutch food group Wessanen fell by 10% on June 10 2008 after the firm revealed that it had discovered potential accounting irregularities in the financial reports of is American Beverage Corporation (ABC) subsidiary. The irregularities go back to 2006 and mean Wessanen may have overstated its equity at the end of 2008 by around EUR10mn. The disclosure clearly calls into question the Wessanen's internal controls and comes at a particularly inopportune moment, with ABC among the assets that Wessanen is looking to sell as it seeks a return to

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