![Temenos Investigation Concludes: Findings Launched on Misconduct Allegations Temenos Investigation Concludes: Findings Launched on Misconduct Allegations](https://cryptohq.org/wp-content/uploads/2024/04/tenemos.jpg)
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Temenos, a banking software program firm based mostly in Switzerland, has accomplished an ‘unbiased examination’ into allegations of monetary misconduct made by US funding analysis agency Hindenburg Analysis in February.
Hindenburg Analysis’s claims, which adopted a four-month investigation, alleged that Temenos engaged in varied types of monetary manipulation to artificially inflate its earnings. It cited findings from interviews with 25 former workers, together with senior executives, revealing what it described as ‘hallmarks of manipulated earnings and main accounting irregularities’.
Following the allegations, Temenos skilled a big setback in its inventory worth, plummeting practically a 3rd – the decline additionally marked the most important single-day drop in Temenos’ buying and selling historical past. In response to those accusations, the firm’s board of administrators shaped a particular committee of unbiased administrators to analyze the claims.
The report
Temenos acknowledged that it granted unrestricted entry to firm executives, personnel, information, communications, and all related paperwork to the unbiased examiners. Their assessment analysed the allegations made by Hindenburg Analysis, together with Temenos’ compliance with relevant accounting requirements and rules, its strategic partnerships, its licence renewal practices, the success of its merchandise, its shopper relationships, in addition to inventory buybacks.
The Particular Committee was shaped by Temenos’ board led by the non-executive chairman, Thibault de Tersant. The committee was assisted by Schellenberg Wittmer Ltd, Sullivan & Cromwell LLP, and forensic accountants from Alvarez & Marsal Switzerland LLC (referred to as the ‘unbiased examiners’).
Its subsequent report decided that Hindenburg made a collection of ‘inaccurate and deceptive allegations about Temenos and its accounting, merchandise, and shopper relationships’. As well as, Hindenburg introduced ‘purported ‘information’ about Temenos in a distorted method or out of context’.
Commenting on the announcement, Thibault de Tersant, chairman of Temenos, stated: “I’m happy that the unbiased examiners have accomplished their assessment with the complete cooperation and transparency from workers throughout the enterprise.
“The report has discovered that Hindenburg’s Analysis’s allegations have been inaccurate and deceptive. It clearly reinforces the board’s view that Temenos is working a sound enterprise, providing finest at school merchandise and has sturdy monetary controls and robust governance oversight.
“Temenos stays absolutely centered on servicing its shoppers and constructing relationships with its companions. The board is assured that Temenos’ strategic plan and important mass will permit it to proceed to steer this market.”
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