Shareholders of French drink group Belvedere have rejected a proposal to renew the contract of its auditor KPMG
Accountancy Age, 02 Jul 2008
Shareholders of French drink group Belvedere have voted to replace KPMG as auditor after the accountancy firm triggered the company's share price to dive by requesting a qualification of the 2007 financial statements.
Another shareholders' meeting will be called for August 8 to replace the statutory auditor with an international dimension, according to interactive investor.
KPMG wanted Belvedere to reclassify €375m issue of floating rate notes as short-term debt. Without that request the 2007 accounts 'would have been certified without qualification,' the firm said.
Belvedere shares have been suspended since June 20 when they dived 30% after Standard & Poor's Corp lowered the company's senior debt rating below investment grade in the light of KPMG's reservation.
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