LETTER: Why is JCI hiding behind lawyers?
JCI has consistently failed to comply with the requirement of the act that annual financial statements be published within six months of its year-end
The letter submitted on behalf of JCI Ltd refers (Letters, August 8-14 (https://www.businesslive.co.za/fm/opinion/letters/2019-08-08-letter-jcis-lawyers-respond-to-the-fm/)).
JCI is a public company (with more than 10,000 shareholders). The Companies Act requires public companies to publish annual financial statements compliant with International Financial Reporting Standards (IFRS). JCI has, however, not published IFRS-compliant annual financial statements for any of the 14 periods between 2005 and 2018. Instead, JCI has published financial statements meeting a lower standard, which they have described as "Specific Basis of Preparation" statements. But this does not remove JCI’s IFRS obligation...
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