LatAm foul play adds €15m losses to Codere 2019 accounts

first_imgShare StumbleUpon Winamax maintains Granada CF sponsorship despite bleak Spanish outlook August 19, 2020 Submit Martin Lycka – Regulatory high temperatures cancel industry’s ‘silly season’ August 11, 2020 Share Related Articles Andrea Vota – Jdigital’s challenge of Spanish restrictions is led by logic and rationale August 13, 2020 Commissioned by Codere SA governance, ‘Big 4’ accountancy EY has confirmed a total impact of €15 million losses attributed as ‘intentional LatAm inconsistencies’ which will be accounted for in the Bolsa Madrid gambling group’s full-year 2019 results.October trading saw Codere declare to Spain’s CNMV markets authority that year-to-date accounts had been overstated by a reported €13-20 million attached to the firm’s LatAm business unit.The embarrassing chapter would see Codere governance launch an internal investigation led by management consultancy Alvarez-&-Marsal which revealed approximately €14 million in ‘inconsistent earnings’ primarily attached to the firm’s Mexican gambling subsidiary.Codere governance maintains that the firm’s manipulated accounts were ‘coordinated by a small group of people working in Mexico’– ‘without the knowledge of corporate management in Madrid’.In its November update, Codere governance confirmed that it had sanctioned a review of its ‘corporate structure’ related to corporate leadership and internal systems and controls.The Bolsa Madrid firm had commissioned EY to review its 2019 corporate accounts, concluding further net losses €15 million recorded during H12019 trading – a period in which Codere governance detailed stability reducing its losses to €8.5 million.However, posting dire Q3 trading in which the company recorded declines across all major operating territories, the embattled Spanish gambling group would see its 2019 losses widen to €33 million.last_img

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