Sun attorney Adv. Israel Leshem, asked at the beginning of the meeting how much the accountants were paid. The answer given was $5 million. Leshem said that a firm that is paid that much should really face shareholders and explain why there are delays in publishing financial reports. A stormy meeting in Haifa of Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) shareholders broke up this morning, as Ernst and Young, the firm's accountants did not show up.
Lawyers representing Sun Pharmaceutical Industries Ltd., which is trying to acquire Taro, and money manager Templeton wanted to know how much the firm paid its accountants, but they were not there to answer.
The meeting was intended, among other things, to certify a board of directors. However, the first item on the agenda was to certify Ernst and Young as the firm's accountants. The item caused an uproar as it turned out that representatives from the firm were not there.
Sun's Israeli attorney, Adv. Israel Leshem, asked at the beginning of the meeting how much the accountants were paid. The answer given was $5 million. Leshem said that a firm that is paid that much should really face shareholders and explain why there are delays in publishing financial reports.
In the meantime, the shareholders' meeting, to which Taro chairman and controlling shareholder Dr. Barrie Levitt travelled from the US, has not provided answers regarding the reasons for the holdup in publishing the financial reports. The meeting, led by Adv. David Shapiro, was adjourned until there is more information about the company's accounting firm.
Published by Globes [online], Israel business news - www.globes-online.com - on December 31, 2009
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