Tokyo, Japan and London, UK, 28 March 2019 – Sosei Group Corporation (“the Company”; TSE: 4565) announces that a small number of control weaknesses have been identified in management’s Internal Control Report for the fiscal period ended 31 December 2018, which was submitted to Kanto Local Finance Bureau today pursuant to Article 24.4.4(1) of the Financial Instruments and Exchange Act.
All significant control weaknesses identified are described in English in management’s Internal Control Report (which forms part of the Company’s English Annual Report that will be published in the week commencing 1st April 2019). These control weaknesses are primarily process oriented and did not have a material impact on the actual balances in the Company’s financial statements. Importantly, the Company has today received an unqualified audit opinion on the financial statements.
Shinichi Tamura, Chairman and President, said: “The errors identified are mainly related to process issues at our wholly-owned UK subsidiary. This is a timely reminder of the importance to maintain rigorous financial processes and controls, particularly as our business continues its rapid pace of growth and international expansion. Sosei Heptares is committed to making swift and comprehensive improvements to remedy the situation.”
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