Cadburys appoint independent auditor for African probe
PWC to look into overstatment in financial position of Cadbury in Nigeria
UK chocolate-makers,
Cadbury
Schweppes, announced today that an independent accountant has been appointed
to investigate an overstatement of accounts in its 50.02%-owned Nigerian
subsidiary.
PricewaterhouseCoopers has
been tasked with investigating the overstatement, which relates to Cadbury
Nigeria’s current and prior financial years.
In a statement, the group said it is too early to quantify the exact extent
of the overstatement.
‘We do not believe it is significant to the group’s overall financial
performance going forward,’ a spokesman said.
The company’s Nigerian representatives said the overstatement was uncovered a
few weeks ago, following an internal review.
It is understood that shareholders and the relevant regulatory authorities
have been informed.
Cadbury Nigeria’s chairman,
Uduimo Itsueli, said PWC would fully investigate the matter and report findings
to the board.
‘The investigation may last a few weeks and we will provide further details
when the investigation is concluded,’ Itsueli said.
The British company raised its stake in the Nigerian business from 46% in
February, at a cost of ?19.7m.
Further reading:
Cadbury
says accountants probing Nigeria unit