RenetJapanGroup (3556) · RiskMaterialised
Fictitious Loans and Improper Accounting at CHAMROEUN MICROFINANCE
First written in FY2024-Q1. 2 of 2 entries say "Materialised", first in FY2024-Q1. Latest entry: FY2024-Q2.
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Fictitious Lending and Improper Accounting at an Overseas Microfinance SubsidiaryA theme 1 companies write about · 1 as a headwind · 0 as a tailwind
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- FY2024-Q2MaterialisedAnnual report
「All accounting treatment related to the fictitious loans identified in the investigation, including investigation expenses incurred by experts and others, expenses related to revisions of prior-period financial statements, and expenses incurred while the relevant branch was suspended during the investigation, has been reflected in full in the cumulative consolidated period through the second quarter.」
All investigation and accounting treatment related to the fictitious loans was reflected by the end of the cumulative second-quarter period. Operating loans were reduced by ¥10.784 million and accrued revenue by ¥2.248 million, and an extraordinary loss of ¥366.982 million was recorded, including investigation and revision-related expenses. Revised reports for the first through third quarters of the fiscal year ended September 2023 were also filed. - FY2024-Q1MaterialisedAnnual report
「It was discovered that fictitious loan balances that did not actually exist may have arisen at Chamroeun, and that these were created through improper means.」
Fictitious loans were extended at certain branches of Chamroeun, resulting in the overstatement of operating loans and accrued revenue. Following completion of the investigation, operating loans of ¥10.341 million and accrued revenue of ¥2.224 million were reversed, and an extraordinary loss of ¥13.033 million was recorded. A revised quarterly report for the fiscal year ended September 2023 was also filed, and prior-period financial statement revisions and investigation-related expenses were expected to total approximately ¥160 million.