BusinessCompany NewsAccounting woes force out Jomed chief

Accounting woes force out Jomed chief

Struggling Swiss-listed medical company Jomed, which has twice been forced to restate its accounts in the last week, has lost its chief executive.

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Tor Peters resigned from Europe’s leading manufacturer of equipment for keyhole surgery after the company said on Monday, that it had made an operating loss for 2001, not a profit of Euro 12m (£7.8m).

He follows Antti Ristinmaa, chief financial officer, who resigned after it emerged that net profits had been overstated by 40% in 2001. He has being replaced by Jorgen Petersen, the chief operating officer.

In addition to the restatements, the company said significant adjustments would need to be made to financial statements for 2001 and 2002 and to guidance issued for 2002 and 2003.

Shares in Jomed fell 77% yesterday to an all-time low of SFr2.28 on the news.

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