February 5, 2013

Today, Imtech announced it has major problems with its investments in Warsaw, Poland.

Imtech is facing major problems in various projects in Poland. The technical service provider expects due to financing problems and “possible irregularities” at least 100 million euros to write off on their projects and therefore can not fulfill the agreements with lenders. Because of the uncertainty about the precise extent of the depreciation, Imtech can not prepare its financial statements and the publication of the annual figures scheduled for February 5 is postponed as the company announced today.
The lack of an adequate internal control has caused loss of confidence in this company by invester and financial institutes.
The Imtech problems demonstrates, an adequate internal control structure is necessary for a company to be able to manage its objectives and strategy and get informed of problems and irregularities on a timely basis.

Timmermans Consulting has many years experience in the implementation and improvement of the internal control structure in (international) companies. For information how we can assist your organisation, please contact us.