‘Cadbury Schweppes’ board believes it is ‘appropriate to make a £15m
impairment to the carrying value of goodwill in the group’s balance sheet in
respect of Cadbury Nigeria,’ the company said in a statement.
The subsidiary, at the centre of accounting mis-statements that saw its chief
executive and finance director sacked, had deliberately overstated revenues.
The business was ‘fundamentally mismanaged,’Cadbury group CFO Ken Hanna said
‘We’re expecting a slow turnaround’ this year, he added, adding that
investors shouldn’t expect ‘big shocks’ from the unit.
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