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PureCircle CEO stands aside amid inventory issues.

Thu, 14th Nov 2019

Sweetner producer PureCircle could see its inventory reduced by US$23 million, as KPMG nears completion of its investigation into issues relating to the classification and valuation of inventory. The reduction would likely result in an increasing cost of goods sold by the same amount, spread across financial years 2018 and 2019, with potentially a relatively modest adjustment to 2017, the company said in an update. PureCircle said the adjustments will have “consequential effects” on the potential carrying value of some of the Group's intangible assets and inventory items, some of which may be material. These adjustments will be reflected in the Group's audited financial statements for the year ended 30 June 2019. The Group's CEO, Magomet Malsagov, has voluntarily agreed to stand aside on a temporary basis with immediate effect as Group CEO and as a director of Group companies, pending further investigation of the issues that have been identified. The company's chairman, John Slosar, has assumed the role of interim group CEO with immediate effect. Mr Malsagov, acting in the capacity of adviser to the chairman, will assist Mr Slosar in this role. Story provided by StockMarketWire.com

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