Wood Group’s CFO steps down after inaccurate claims about qualifications

Open the Editor’s Marking Free

Rulla Khalaf, the FT editor, chooses its preferred stories in this week’s news.

The main financial officer of EMBATTERN Engineer John Wood Group entered immediate impact after he admitted that he made his professional qualifications wrong.

During the exceptional week, the British company, which collapsed, stated that its advice adopted Arvin Balan’s resignation in the Stock Exchange during the interrogation of its qualification.

Oilfield Services and Engineering Company – One of several stories of multi-year successes, which was able to develop from the development of its northern Sea resources, said Balan’s misconceptitious professional qualification description in the public domain. “

The annual report of Woody and the website are described as a statutory accountant. However, Balan does not appear on the registers of British or Australia’s statutory accountants, the bodies responsible for maintaining the registers told FT.

FT later asked the wood band, where Balan was registered as a statutory accountant. The company refused to comment.

According to his LinkedIn Profile, Balan is a certified practical accountant with CPA Australia. CPA qualification is a respected route and is approximately equivalent to statutory accounting, but is seen as less prestigious by some accountants.

The CPA includes a wider range of services than a more technical statutory accounting route.

Balan, who was less than the age of CFO, said: [sic] an accountant.

“I continue to believe in the long-term potential of the company and its people. My decision is based on this very key time to minimize our investors and lenders. ”

The Institute of Statutory Accountants in England and Wales belongs to the trademark “Chartered Accountant” and receives incorrect performances of who scored “very serious” qualification. This was to prevent the members of the society “misleading that the individual is a quality statutory accountant,” says leadership.

The Ethics Code, which connects the members of the CPA Australia, requires “integrity” and says the members “are not knowingly connected with the reports. A number of a number (contain) a material false or misleading statement. A number of a number or information provided reckless. ”

Laura Impson, Professor of Professional Service, said that “any wrong representative of your professional qualification, causes questions as a professional as a professional as a professional.”

Balan’s output is at critical moment for FTSE 250, the price of which has been 64% over the past week, after it reports that it is planned for 2025 it would be positive.

It also reported “material” weaknesses in its management, which was revealed by an independent review, which began after its audit rumors in November.

Aberdeen-based company had more than 5 billion pounds of sterling, but this was about 170 million pounds this week.

It was valued last year in a competition for 1.6 billion pounds in Sidara, before Dubai left in August, citing “geopolitical risks and uncertainty of the financial market.”

Early an earlier approach from Apollo Global 2023 May 2023 Rated the wood with about 2.2 billion pounds, including debt, although the plaintiff left the final.

The company said in a Friday statement that its net debt is about $ 1.1 billion, and the company looked at all possible refinancing options, as the maturity approached in October 2026.

Wood said it would make a statement on the “timely” of the Balan’s legal successor and temporary coverage.