More transparency is needed in the future so that balance sheet concealment does not remain a business model
Vienna (OTS) – “The insolvencies in the Signa Group clearly show us that loopholes in the law are not noticed until someone takes advantage of them and causes damage. The financial disaster brought the worst gaps to light and one lesson we have to learn from it is that concealing the balance sheet should not be a business model,” said ÖGB Federal Managing Director Ingrid Reischl.
Reischl therefore signals the ÖGB’s support for the plans now presented by Justice Minister Alma Zadic in the event of companies defaulting on their balance sheets: “Only clearly noticeable penalties can ensure that companies comply with their legal disclosure obligations.”
The aggregation requirement for holding companies is also an important step towards transparency, emphasizes the trade unionist: “A structure like Signa Holding must not be a “small GmbH” with reduced reporting requirements in the future.”
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