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Austria's Teak Holz says prosecutors investigating its accounts
October 20, 2014 / 6:48 PM / 3 years ago

Austria's Teak Holz says prosecutors investigating its accounts

VIENNA, Oct 20 (Reuters) - Austria’s Teak Holz International (THI) said on Monday it had been informed by prosecutors that they were investigating the company and former managers on suspicion of fraud and falsifying financial results.

“The accusations are connected with what prosecutors suspect was a false valuation of THI AG assets at the time of the IPO in 2007 and up until the 2011/12 fiscal year,” it said in a regulatory release.

It did not name the people under investigation but said as far as it knew neither supervisory board members nor Franz Fraundorfer, who has been chief executive since December 2013, were being investigated.

It said the white-collar crime unit of Austrian prosecutors was looking into executives who were in office from the 2006/07 to 2011/12 fiscal years.

Reporting by Michael Shields, editing by David Evans

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