The information contained in these press releases and statements was accurate, in all material respects, at the time of issuance. However, Continental Aerospace Technologies GmbH assumes no obligation to update the information to reflect subsequent developments.
Oct. 05, 2006
Thielert strongly rejects allegations of fraud circulated by Association for Protection of Shareholders (SdK)
Hamburg – Thielert AG rejects the allegations of fraud circulated by the shareholders’ association SdK (Schutzgemeinschaft der Kapitalanleger e.V.) fully and in the strongest terms and states the following:
- Thielert AG has informed the public prosecutor in Hamburg of a criminal offence carried out by an unknown person. The company will defend itself against these false and damaging allegations with all means at its disposal.
- The agreement on a working capital loan and the public share offering are two separate and independent transactions. The company also worked with different banking partners in these transactions, so that no conflicts of interests were possible in this regard.
- As is normal in the aviation industry, and particularly in the defence technology sector, we are involved with very long-term projects. We therefore record the services carried out in this field using the percentage of completion method.
- The SdK’s allegation that an individual impairment loss of €3.8 million was recognised is false.
- The company balance sheets have not only been approved by the auditors as part of our annual financial statements, but also underwent a further stringent review before the publication of the prospectus issued in the course of our initial public offering. We also obtained an expert opinion in connection with the aforementioned working capital loan, which did not reveal anything improper.
- Finally, Thielert AG finally expresses its astonishment at the behaviour of the SdK for allowing itself to be used in this way to propagate unfounded accusations.