KEG dismisses allegations by former auditor

History

Liquified petroleum gas company KEG yesterday dismissed allegations by its former auditor that its management had concealed data, Hungarian news agency MTI reported today.

KEG said in a statement on the website of the Budapest Stock Exchange that it had wanted to work with another auditor since October of last year, but “REPORT and AUDIT Auditing and Tax Consulting Kft., in the person of the accountant István Gyapjas” had refused to return some of its books and “showed an unwillingness to cooperate”.

“This makes it difficult, though not impossible, to close the 2015 business year,” it added.

The National Bank of Hungary (MNB) on Friday ordered that trade in KEG shares be suspended after the company failed to reveal the reason for the resignation of its auditor.

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