Cadbury fears £10m Nigeria hit
Analysts speculate on cost of Nigerian accounting issues
Analysts speculate on cost of Nigerian accounting issues
Analysts are speculating that Cadbury Schweppes’ accounting issues at its
Nigerian subsidiary could
hit the company with a £10m bill.
The confectionery giant announced this week that it had called in a team from
PwC to investigate an overstatement on the books of its separately listed
Nigerian arm.
‘We’re predicting the overstatement will be in the region of £10m,’ one
analyst said, stressing that the suggestion was a ‘ball-park figure.’
Cadbury called in PwC after the new FD of the Nigerian arm, which made net
profits of £6m in 2005, discovered overstatements in respect of current and
prior years, with the company declining to put a figure on how much it expected
the problem to cost it. It is not known what the problems relate to.
A Cadbury spokesperson told Accountancy Age that its announcement
had been vague because the investigation was ongoing.
Further reading:
Cadbury appoints independent
auditor for African probe
European ruling in Cadbury
case sparks tax relief fears
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