Ebix: New Problems Emerge in Singapore, Sweden, and India
- Gotham City Research LLC
- Sep 19, 2013
- 1 min read
Based on new information we’ve obtained, Gotham City Research believes:
Ebix improperly financed $100+ million of acquisitions and stock buybacks, tax free, under the guise of a bogus intercompany asset sale, between Singapore & India.
Ebix Inc. & its subsidiaries’ filings are materially incorrect. Newly identified accounting irregularities, in sum, exceed 42% of Ebix’s market capitalization ($169+ million in irregularities).
Swedish pre-tax income is less than %1 of the amounts claimed in the SEC filings, according to Swedish filings.
BDO Sweden was unable to confirm that any of the dealings between Ebix’s Swedish subsidiary, Ebix Singapore and Ebix Australia, ever actually occurred.
Ebix meets the requirements for an “Event of Default”, per Article VII (c) of the Credit Agreement.
Current shareholders are likely to recover little to no value, once the USA & Ebix’s creditors enforce their rightful claims.
Forensic accounting reports like this show exactly why cross-border corporate structures deserve much heavier scrutiny wacky flip. When the numbers from subsidiaries don't add up to the parent company's consolidated statements, it’s usually just a matter of time before the house of cards collapses
من خلال تسجيل الدخول الى مسار يمكن للمستخدم الوصول إلى خدماته الرقمية بسهولة ومتابعة معلوماته الشخصية بطريقة منظمة. كما تتيح هذه الميزة الاستفادة من مختلف الأدوات والخدمات المتوفرة داخل الحساب.
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