Agromino initiated internal investigations

Agromino A/S initiated internal investigations into the sale of PrJSC Novomirgorodskiy Elevator, informs Elevatorist.com.

An internal investigation was initiated based on indications that certain assets may have been divested on terms not viable from a commercial point of view, resulting in the company not receiving the full benefit from the transactions.

An internationally renowned forensic firm has been retained to conduct the investigation, which specifically relates to advisory contracts, sales of subsidiaries and other assets. 

"Several unclear circumstances remain to be investigated, but according to initial indications, the company may have received up to USD 5 million less than it should have received if the transactions had been made on commercially viable terms", the message says.

Also, the company announced that the Board of Directors had appointed Petr Toman as a member of the Executive Board and CEO with immediate effect, replacing Simon Boughton.

Reference: in late January 2018, Agromino announced the sale of PrJSC Novomirgorodskiy Elevator.