ANDREW DONAGHER,
Sir, - Independent News and Media PLC takes issue in the strongest terms with the article (Business This Week 1, page 2, Friday, May 10th, 2002) which suggests there is an investigation under way or being considered by the Dublin and London Stock Exchanges into the accounts of Independent News & Media PLC, for the year ending December 2001.
The company does not believe it is true and feels it is extremely damaging to the credibility and reputation of Independent News & Media Plc.
The company is fully compliant with all the relevant reporting requirements and we have explained in detail in our published Annual Report our accounting policies and, in particular, the treatment of the exceptional gain following the restructuring of our Australasian interests. This treatment is in full compliance with reporting requirements, specifically FRS 18, an Accounting Standard which deals with the true and fair override disclosure.
The company's auditors have carried out their audit in accordance with "relevant legal and regulatory requirements, auditing standards issued by the Auditing Practices Board applicable in Ireland and the Listing rules of the Irish Stock Exchange" and, as evidenced by their audit report, are completely satisfied that our financial statements comply in all respects with these requirements. Contrary to the implication in your article, the company has not had any enquiries from the Dublin or London Exchanges in relation to its accounts and is not aware of any concerns having been expressed about the treatment of exceptional items.
Furthermore, as stated in the article, members of The Irish Association of Investment Managers have no difficulty with the accounts, yet The Irish Times still felt it warranted creating a story about a potential investigation which has no merit or standing.We are disappointed that The Irish Times would use its business pages to attack a competitor in such an obvious and clearly contrived way, especially given its own ongoing difficulties and lack of transparency.- Yours, etc.,
ANDREW DONAGHER,
Company Secretary,
Independent News &
Media PLC.,
Middle Abbey Street,
Dublin 1.