October 5 (SeeNews) - Inflated value of assets, understated claims towards group members, over-estimated inventory and undocumented costs are some of the reasons for the huge discrepancies revealed on Thursday between the earlier reported 2015 financial results of nine key companies within Croatia's ailing concern Agorkor and the results of an audit conducted by PricewaterhouseCoopers LLP.
The PwC audit, made public by Agrokor receiver Ante Ramljak at a news conference aired live on broadcaster HRT, showed huge differences between the reported and audited 2015 revenues, losses, profits, capital and assets.
According to Ramljak, these discrepancies can be put down to 'accounting irregularities'.
"I will not say if any legal irregularities occurred. I will not speak about this until we have full data on Agrokor. Accounting irregularities happened. That's all," Ramljak told the media.
Agrokor owner Ivica Todoric commented in a post on his personal blog on Thursday: "I am analysing the audits with my financial experts and I will make my thoughts known in the coming days".
In April, Agrokor named PricewaterhouseCoopers LLP as auditor of its 2016 financial statements after preliminary probes revealed that potential accounting errors might have been committed.
The consolidated results of Agrokor will be unveiled on Monday.