TenCate has taken note of the fact that the Public Prosecution Department has extended its investigation to include the annual accounts and the tax return for 1995. In the opinion of TenCate, its annual report and accounts and its tax returns from past years are correct.
This relates to an investigation into the previously disclosed repurchase transactions in the middle of the 1990s, which the Public Prosecution Department supposes was incorrectly represented in Royal Ten Cate's tax report and accounts in 1995 and later years. This is said to involve a gross amount of NLG 2.75 million (€1.25 million).
Furthermore, according to the Public Prosecution Department, there may have been an incorrect corporate income tax return of a holding company that was acquired through this operation. These suppositions are contested by TenCate.
The Public Prosecution Department could bring this matter into the public domain at any moment. TenCate attaches importance to providing its shareholders and other interested parties with timely information on this situation. TenCate wishes to make the following comments on the investigation by the Public
Prosecution Department: 1. The members of the present Executive Board formed in 1995/1996 no part of the then Executive Board. 2. The Executive Board has recently become acquainted with the tax findings from the period in question, into which the company itself has carried out a further investigation, as far as is still possible. 3. TenCate disputes that there are irregularities in its accounting. 4. There has not been any material economic effect on TenCate's capital, result or valuation in 1995 or later years.
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