VIA optronics Lifts Founder's Suspension as Review Into Internal Controls, Compliance Continues

By Sabela Ojea

VIA optronics AG said founder Juergen Eichner is no longer suspended from the company but noted that he will be taking a paid extraordinary vacation until the end of the year as part of a personal initiative.

The Nuremberg, Germany, supplier of interactive display systems on Friday said its board decided to withdraw Eichner's suspension amid a continuing review of its internal control and compliance involving Eichner and other employees.

"It is important for Mr. Eichner to avoid any impression that he may want to influence the investigation," VIA optronics said.

Last month, the company suspended Eichner after an internal review that covered 2017 through 2022 found discrepancies in areas such as expense recording and reimbursement, company credit-card usage for personal transactions, inadequate documentation of vehicle usage, and irregularities in vacation days.

The deviations primarily involved Eichner, who had been CEO since 2005 before being replaced in August, and a limited number of other employees.

The timing of the internal review process will result in a further delay of the filing of its 2022 Form 20-F annual report with the Securities & Exchange Commission, which is expected to be filed in early 2024.

Write to Sabela Ojea at [e-mail]; @sabelaojeaguix

(END) Dow Jones Newswires

December 01, 2023 16:53 ET (21:53 GMT)

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