Giglio Group, BDO Italia steps down as auditor citing “intimidation”

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(Tiper Stock Exchange) – Giglio Groupa company listed on Euronext STAR Milan and active in the field of high value-added e-commerce platforms, received communication via PEC from the auditing firm BDO Italy with which the latter has resigned “irrevocably” from the task of statutory auditing of the accounts.

BDO Italia considered that what was expressed in the PEC, received from the company, regarding the erroneousness and opposition to the rules concerning the audit assignment of the decision of BDO Italia not to express its opinion on the separate and consolidated financial statements as at 31 December 2022 would detect which compromising the auditor’s independencesuch as prevent the continuation of the assignment of statutory audit.

In particular, in addition to replying to the technical objections raised by the company, BDO Italia deduces that “ventilate compensation claims in the case of non-subjection of BDO Italia to what you claim, it certainly integrates the circumstance suitable to justify the resignation from the audit assignment for just cause. Your extraordinarily serious manifestation – a real either-or – indeed reveals which one compromise of the independence of BDO Italia by intimidation and prevents the continuation of the audit engagement”.

Giglio Group reserves the right to provide a timely response and objection to the technical notes contained in the letter of resignation from BDO Italia, reads a note. As for the “intimidation” allegedly contained in the company’s request to the auditor to reissue its report, Giglio specifies from now on that he considers this statement to be erroneous and unfounded taking into account that Giglio itself, in reserving any more appropriate initiative, has exclusively protected the company’s interests and its rights in full compliance with the law.

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