Africa-Press – South-Africa. The Oceana Group said yesterday it needed to again delay the release of its results for the year to September 30, 2021 as its auditors have to clarify the accounting of an insurance claim that was paid out.
On January 31, 2022 the group had indicated that the results would be released yesterday.
However, on February 3, a “new concern” was discovered by auditors on the dating of signatures on a document relating to a R40 million insurance claim paid out in October 2021.
An investigation by ENSafrica Forensics was ongoing, but from initial feedback, the board said it had no reason to believe the dating of the document pointed to wilful misrepresentation.
However, “certain adjustments might need to be made”, and earnings and headline earnings per share for the year to end-September 2021 were now expected to be closer to the lower bound -12 percent, which was still within the range as guided in a previous trading statement, should the insurance receipt be accounted for in the 2022 financial year, and not 2021.
The auditors also said that it was impossible for them to determine a timeline by which the review of their provisional report would be completed. | Edward West
BUSINESS REPORT
For More News And Analysis About South-Africa Follow Africa-Press
