This is getting rediculous…….
GT.se have run an article, claiming to be based on an article from Dagens Industri, about questionable accounting at Spyker.
Here’s the Googletrans:
The truth behind Spyker’s finances
Dutch Spyker Cars are surrounded by many question marks. The company is accused, among other things, of manipulating financial statements, for which the owner Victor Muller was sentenced to pay a million in fines, according to Dagens Industri.
In 2006, the Dutch Financial Supervisory Authority accused Spyker Cars of polishing the accounts. According to the Dutch newspaper Volkskrant, the company reported a profit equivalent to 8 million kronor, when in fact it made a loss of 100 million.
In early 2007, Spyker shares went up to 200 kronor, thanks to the positive annual report, but when the Financial Supervisory criticism became known, stock market value plummeted from three billion to 300 million kronor, according to Dagens Industri. Spyker’s owner Victor Muller was sentenced to pay 960 000 SEK in fines, something he is pursuing a court process to be freed from.
Although the Dutch Financial Supervisory criticism has since been put in question by a court, the company still has a bad reputation.
In the Dutch newspaper De Telegraaf, Spyker are accused of “sending out smokescreens to the market”, as the owner Victor Muller promised at the beginning of the year that car production would be doubled, which caused shares to rise by 23 percent. However, the number of cars sold have rather decreased during the first half of the year, according to Dagens Industri
One of our commenters here at SU is a former automotive journo and whilst not in the field anymore, he keeps tabs on his old profession.
Ivo wrote about the situation noted above a few weeks ago and I published it here on site:
….early in 2007, there was a protracted streak of reports in the media claiming that Spyker had cooked the books, that they couldn’t fulfill their financial obligations and even that bankruptcy proceedings had been initiated against Spyker. All of this proved incorrect after investigation and one of the papers involved actually rectified the reporting (but only on their Internet site, never in print). Anyway, this campaign prompted the AFM (Authority for Financial Markets, the Dutch version of the SEC) to initiate an investigation and, as a consequence, to require Spyker to amend the 2006 results to reflect a loss. Spyker fought this toe and nail through the courts and actually won the procedure. In December 2007, the High Court of the Netherlands cleared Spyker and considered their reasoning correct on all counts. But the legal battle of course ate up most, if not all, of the profits. And Spyker’s legal success got almost no publicity in the media.
But if that’s not good enough for either DI.se or the good nutters at Exressen, then maybe they should try Spyker’s own press release:
Dutch Supreme Court rules in favour of Spyker Cars N.V.
Zeewolde, The Netherlands, 24 April 2009 – Today, the Dutch Supreme Court (Hoge Raad) ruled in AFM’s challenge of Spyker Cars N.V.’s (“Spyker” or “the Company”) 2006 Annual Accounts. The Dutch Supreme Court rejected the appeal lodged by the Autoriteit FinanciÃ«le Markten (AFM) in March 2008 against the ruling of the Enterprise Section of the Court of Appeal (Ondernemingskamer), dated December 28, 2007. In this ruling, the Enterprise Section of the Court of Appeal rejected every single objection that the AFM had raised against Spyker’s 2006 Annual Accounts
I’m all for a reasoned and objective look into any prospective buyers, but this is just muckraking and shoddy journalism at it’s absolute crummiest.
Of course, the folks at GT.se (Expressen) will just say “we’re only quoting from someone else”, which is absolute BS. Check it and if the story’s not right, DON’T RUN IT!!
Thanks to Magnus and Viking UP! for the tips.