Mazars warned lenders and other institutions not to rely on any financial statements for the past 10 years. You are focussing on one sentence to explain yourself "While we have not concluded that the various financial statements, as a whole, contain material discrepancies" ...
So what does that mean? "We have not concluded" ... It's still an ongoing investigation both by the government and by their own internal teams. there is no "conclusion yet" ... about anything EXCEPT that their own investigation HAS concluded that 10 years of statements should NOT Be relied upon by anybody...so they know somethign is wrong
What are they doing this? They are covering their asses because they do know that there is erroneous information in those statements...but they have not reached a conclusion yet on what is wrong and are waiting both for their own internal investigation and additional information to come out from the courts so that they can recocile on what is right and wrong.
IN other words, Mazars does not have the exact data YET to prove that there are material discrepancies, but they do know enough now to know that there are some major issues...That's what the statement is sayin
This is basic human language Old guy.
If you can attempt to look at this unemotionally, you'll see that this is potentially a bigger deal than you realize.
when you apply for a loan with a bank and lie about the value of your properties (as an example, saying you have a 20,000 square foot apartment to put up as collateral, when in fact you only have a 3,000 foot, that's fraud.
As it stands now, they are looking to terminate the lease with him at the DC Post office hotel that he owns because part of the securing and maintaining the lease dealt with
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+2/-0 bladeslap 2/20/2022 10:26:08 AM