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Juve publish two statements in regard to false accounting accusations

Fri 03 December 2021 | 15:19

Juventus admit the ongoing investigation may have dire impacts on the club, should the case have a negative outcome.

The Italian law enforcement agency Guardia di Finanza confiscated accounting, non-accounting, banking and correspondence documents for all

Juventus

transfers from July 2018 onwards on Friday, as the Bianconeri have gone under investigation for false accounting.

In this regard, Juve published two separate statements on the club’s official website, explaining the possible scenarios.

The first statement reads

:

“The Company believes that the search and seizure order and the news of the existence of an investigation by the Public Prosecutor’s Office of the Court of Turin do not constitute, as of the date of this Supplement, a material adverse change whose occurrence would trigger the withdrawal rights of the Managers under the Underwriting Agreement in light of the initial stage of the investigations concerning the alleged offences, which are still being investigated by the competent authorities.

“However, as of the date of this Supplement, there is a risk that the Managers may deem the events described above (i.e., the search and seizure order and the investigation by the Public Prosecutor’s Office of the Court of Turin) to meet the conditions for the exercise of their withdrawal rights under the Underwriting Agreement.

“If no New Shares other than those covered by the EXOR Underwriting are subscribed following the Right Auction and the Managers were to exercise their withdrawing rights under the Underwriting Agreement, taking into account that the capital increase carried out in connection with the Offering is divisible and the EXOR Undertaking, the Company’s share capital would be increased by Euro 255 million only (of which Euro 75 million already paid by EXOR on account of a future capital increase on August 27, 2021) compared to the maximum amount of the Offering equal to Euro 400 million.

“If the Offering were to be only partially carried out, limited financial resources would flow to us. In such event, absent further actions promptly taken by the Company to support the implementation of the Updated and Confirmed Development Plan [Ed. i.e., the Company’s development plan for the 2019/20 – 2023/24 fiscal years], we may not be able to continue our business as a going concern.”

The second statement reads

:

“If the outcome of the investigation is to be prosecuted and the ensuing proceedings are to result in a final conviction, there may be significant negative impacts on reputation and economic situation, Capital and financial position of the group.

“Regarding the allegation of false social communications provided for by art. 2622 cod. civ. disputed to the Issuer, the administrative pecuniary sanction from 400 to 600 units, with a unit value of between a minimum of €258 and a maximum of €1,549 for a total amount between €0.1m and € 0.9m.”


source: SportMob

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