Tuesday, June 1, 2010

International Investment Group: KPMG Report Ready But 2009 Financials Not Approved


IIG issued a press release on NasdaqDubai advising that while KPMG had completed its interim report, the Company could not release it yet because the Central Bank of Kuwait had not yet approved IIG's 2009 audited financials.

That latter statement indicates that the news in those financials is going to be what we in the financial world describe as "disappointing".

Here's the text of the press release:
Reference to the subject above and our announcement dated 22/04/2010, relating to the interim KPMG  report, to be received on 31/05/2010 and submitted to Sukukholders, which includes a preliminary  assessment of the company’s financial position and the options available to the company. 
Kindly be advised that KPMG has finalized the report referred to above, but IIG is yet to receive Central  Bank of Kuwait’s approval of its financial statements for the fiscal year ending December 31st, 2009.  Accordingly, IIG is not in a position to release the aforementioned report, which includes references to the  31st December financial statements, before obtaining such approval. 

We shall provide the interim report to all sukukholders who has signed confidentiality agreement, as soon  as the Central Bank’s approval is received.
IIG's Audited Finacial Sattements for the year ended as on 31st Dec 2009, shall be released to the market upon receiving Central bank of Kuwait's approval.
Earlier post here.

3 comments:

Laocowboy2 said...

To use your own words of yesterday (Ref Kuwait Asset Purchase "Solution")- "What's also required is effective regulation of the KSE. For too long it's been the playground of "Groups" who manipulate prices, shuffle assets between companies, etc.

With IIG as perhaps the most extreme example!

Laocowboy2 said...

Just re-read item and saw this: -

“We shall provide the interim report to all sukukholders who has signed confidentiality agreement, as soon as the Central Bank’s approval is received.”

Notwithstanding the confidentiality bit, do try to get a copy - I am sure it will be interesting (i.e. hair-raising) reading.

Abu 'Arqala said...

Laocowboy2

As ususal, thanks for your comments.

Not sure how I'd get a copy.

I think I have to rely on the kindness of strangers.