April 19, 2017 / 1:19 PM / 2 years ago

BRIEF-Laureate Education says Istanbul Bilgi University receives audit results

April 19 (Reuters) - Laureate Education Inc:

* Laureate Education Inc- on April 18 Istanbul Bilgi University received from Yök results of annual audit - SEC filing

* Laureate Education - audit report requires there be reduction in quota for new students to be admitted into Bilgi’s degree programs 2017-2018 academic year

* Laureate Education - audit report requires Bilgi be reimbursed about $29 million for payments made by Bilgi to unit of Laureate Education for certain services

* Demands also are made in annual audit for return or payment to Bilgi of other amounts involving approximately $8 million

* Laureate Education Inc- Bilgi intends to immediately appeal the decision,demonstrate validity,value of services procured from company subsidiary

* Laureate Education - if co unable to provide services under deals with Bilgi & receive economic benefits from deals, deconsolidation of Bilgi could be required

* Laureate Education Inc- deconsolidation could have material adverse effect on co’s business, financial condition,results of operations

* Laureate Education - deconsolidation may have material adverse effect on co’s business, including possible write-off of all or portion of co’s investment in Bilgi

* Laureate Education Inc- deconsolidation could include possible write-off of all ,portion of co's investment in Bilgi,reduction in operating income Source text: (bit.ly/2pBNJDZ) Further company coverage:

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