Whistleblower complaint placed before audit committee: Infosys

22 Octobre, 2019, 12:25 | Auteur: Auguste Feret
  • Infosys techies accuse CEO CFO of unethical practices

In a letter to the Infosys board and the US Securities Exchange Commission (SEC), they targetted CEO Salil Parekh with forcing the finance team to take a number of steps that go against standard accounting practices. Infosys issued a statement that its audit committee was examining the allegations, in line with its policy on whistle-blowers.

The 15% intra-day fall is the most in almost six years - the last time the company's shares fell more than this was on April 12, 2013.

Infosys late on Monday in a regulatory filing said the company has received anonymous whistleblower complaints alleging certain unethical practices.

This letter refers to the September 20, 2019 complaint, and to emails and voice recordings in support of the allegations.

The group said voice recordings have instructions from the CEO and the CFO not to present to the board or share important information with the auditors. "In large contracts like Verizon, Intel, joint ventures in Japan (and the) ABN AMRO acquisition, revenue recognition matters are forced".

It further added that critical information is hidden from auditors and the Board of Directors as well.

The firm's audit committee is chaired by D Sundaram and board members Punita Kumar Sinha and Roopa Kudva.

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The shares of Infosys plunged over 14% in the morning trade on Tuesday, a day after the company disclosed that it had received anonymous whistleblower complaints accusing its Chief Executive Officer Salil Parekh and Chief Financial Officer Nilanjan Roy of unethical practices. The whistleblowers added that they had emails and voice recording to prove their allegations. "The CEO is bypassing reviews and approvals and instructed sales not to send mails for approvals...", the letter noted.

The group also alleges the current management had asked the complainants not to fully recognise visa costs in the first quarter of this financial year, apart from deferring the recognition of $50 million worth of reversals in a contract. "He directs them to make wrong assumptions to show margins", recalled the unnamed Infoscions.

"CFO is compliant and he prevents us from showing in board presentations large deal issues".

"The CEO told us no one on the board understands these things, they are happy as long as the share price is up", said the statement. Several billion-dollar deals of last few quarters have nil margins.

The whistleblower asked the auditors to properly check deal proposals, margins, undisclosed upfront commitments extended and revenue recognition.

Meanwhile, the company in a statement has said it's investigating the charges. They ask us not to make any key disclosures in 20F and annual reports and to share good and incomplete information with investors and analysts. The undated whistleblower complaint largely deals with allegations relating to the CEO's worldwide travel to the U.S. and Mumbai. Whoever disagrees is sidelined ...

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