December 4, 2019 / 6:04 AM / 10 days ago

Swiss exchange says GAM understated liabilities in disputed sanction case

ZURICH, Dec 4 (Reuters) - The Swiss stock exchange listing authority said on Wednesday that GAM Holding understated liabilities from its 2016 acquisition of Cantab Capital Partners LLP in a disputed case in which the asset manager vowed to fight a possible sanction.

“It is SIX Exchange Regulation AG’s view that financial liabilities are understated in the balance sheet of the 2017 annual financial statement ... and that a potentially significant revaluation effect has not been recognised in the income statement,” SIX Exchange Regulation said in a statement.

GAM has filed objections to the sanctions proposal, it said separately, adding if it loses the case, the asset manager would be forced to address the accounting matter in its next consolidated financial statement but that it would have no impact on the group’s cash flow position. (Reporting by John Miller; editing by Thomas Seythal)

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