.jpg)
The Sanction Commission of SIX Group Ltd has issued a fine against Global Natural Resources Holding Ltd. due to a not restated, erroneous valuation of options in the company’s IFRS 2008 annual financial statements.
Global Natural Resources Holding Ltd., which is listed under the Main Standard on SIX Swiss Exchange, violated the IFRS accounting provisions applied in its 2008 annual financial statements by having failed to correct a known error in the valuation of an option issue. Because this deficiency from the preceding 2007 financial year was not corrected, the provisions of IAS 8 governing the restatement of errors were significantly breached both in a quantitative and qualitative manner.
Taking into account the gravity of the breach, the degree of fault, as well as the fact that the company has already been sanctioned in the past three years, the Sanction Commission has pronounced in its sanction decision a fine of CHF 50,000 against Global Natural Resources Holding Ltd.
Periodic financial reporting in compliance with applicable accounting principles constitutes a part of the information that contributes to a properly functioning market in keeping with the stipulations of the Stock Exchange Act and the Listing Rules. One of the tasks of SIX Exchange Regulation is to ensure enforcement of the transparency requirements imposed on issuers by the Regulatory Board.
Information on financial reporting regulations can be found at: http://www.six-exchange-regulation.com/obligations/financial_reporting/provisions_en.html
Previous sanction decisions in the area of financial reporting can be found at: http://www.six-exchange-regulation.com/enforcement/sanction_decisions/financial_reporting_en.html
