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5/03/2005
A.I.G Admits Overstating Value By Billions
A.I.G Admits Overstating Value By Billions
Via the Times UK Online:
-- MDT
AIG admits overstating book value by £2.7 billionFor the rest of the article, click here.
Abigail Rayner in New York
THE accounting scandal at AIG, the world’s biggest insurance company, intensified yesterday as it admitted to discrepancies that reduced its true value by $2.7 billion (£1.4 billion).
AIG revealed “material weaknesses” in its control systems and said that executives had at times been able to “circumvent” its internal accounting controls. Transactions had been “misrepresented”, it added.
Adding to its woes it said that its own auditors, PricewaterhouseCoopers, would be issuing an “adverse opinion” on its controls.
The admission of discrepancies was contained in an 11-page statement in which AIG also said it would miss its self-imposed deadline for filing its annual results.
-- MDT
Labels: AIG
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