Is there fraud in Aventas?
Who will be answerable if there is serious fraud in the audited accounts of Aventas Group? Will it be the bondholders? The Auditors? The Government? The managers of Aventas?
As a normal citizen, with no financial training or qualification, I have been very perturbed by what I discovered in the 2013 Aventas accounts audited by Ernest and Young and available for all to see on the internet. I perused them, having heard a rumour that Tony Mullins and Associates are now seeking a reduction on the price they paid for radiators as they were given wrong figures regarding supposed profits.
Firstly the accounts for Glass, Radiators, Polycasa, Packaging and CIS are all bunched together so that it is impossible to discern which is losing the most because there are no profits.
• On page 14 of the accounts we learn that the admitted losses are 21.025 million euro.
• On page15 we learn that cash on hand fell by 16.24 million.
• On page 32 we learn that there were disposals of 49.787 million.
• On page 16 we learn of a deficit of 18.143 million in the shareholders' funds.
This appears to be a total loss of 105.195 million euro!!
Now I ask you how can a business sell assets of almost 50 million and have 16 million less in the bank?
I wonder if QBRC are aware that 30.978 million of the sales were from plant, machinery and lorries. How much will it take to replace these machines? Realistically we must acknowledge that Sean Quinn and his team, who built these multi-million industries, needed those assets so they will have to be replaced.
I also question whether it is legal to continue trading when the shareholders' funds are in deficit as it must indicate that creditors risk not being paid?
These “bulk” accounts are used as a cover-up; all businesses are being sold as “profitable” and yet there are no profits. According to those selling Glass, it is a very profitable business yet there are no profits.
Is the Irish Government aware of what is going on? Can those who appointed these “caretakers” as share receivers be held responsible for this trickery?
I suggest that anyone interested in what Aventas has been doing to the Quinn Group should check the 2013 published accounts.
2 comments:
A big statistic omitted from above article is the 40 million devaluation so I reckon that is a total loss of at least 145.195 million euro for 1 year under the stewardship of M.Mc Tighe and P. O Brien. Another disturbing fact about the current mismanagement is the SRF; this was originally planned by the Quinn Group with greater capacity and efficiency. Problem 1 is that there is one silo unused because of its bad design although a local engineer was willing to design it but was refused and it was given to a so-called international designer who didn't have a clue and it is useless. Problem 2 is that there is no silo for adding lime and lime has to be added from a bag by hand---- back to 3rd.world working conditions. So the SRF that was announced with a big press briefing is only working to one third of the capacity designed by Quinn. More expenditure for QBRC!
I also saw those accounts on the internet. They tell a horrific story of mismanagement and waste. I also noticed that they ADMIT to having a decrease of 49 in employee figures, in spite of all the extra supposed "heavy weights" they brought in to further mismanage so how many locals were dispensed with? In recent days at least 2 men got redundancies BUT they have to be replaced. Is that legal? However there was an ulterior motive in this too. The men were gagged against telling anything happened in the Group when they were supporting the new management. What are they covering up?
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