French drink group sacks KPMG as auditor

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

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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