CHEMICALS and flooring group Accentuate says it has resolved the fraud at its FloorworX Africa subsidiary.The perpetrator had been found guilty of fraud and theft and would soon be sentenced, the company said in its full-year results statement on Wednesday. The board was satisfied with measures taken to prevent a recurrence, it said.It has restated its 2015 results as a result of the fraud."Although management was of the view that the total amount misappropriated had been expensed through the income statement, subsequent investigations have revealed that an amount of R17.6m had been incorrectly reflected in the balance sheet in order to account for the funds misappropriated," Accentuate said."To ensure that shareholders are provided with the correct comparative information and to ensure compliance to the highest reporting and accounting standards, the board deemed it appropriate to restate the previous financial results to reflect these transactions in the periods in which they occu...
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