The statement issued by GFH on Tuesday and attributable to Dr. Haider Majali Chief Strategy Officer/Corporate Secretary of the bank aimed at clarifying the misleading and misunderstood statement made by the Kuwait Stock Exchange on its website on Monday which according to the banks caused a quite stir about bank’s financials.
“With reference to the misunderstanding of the financial statements of GFH for the financial year ended 31 December 2011 by Kuwait Stock Exchange on Monday, please be informed that:
GFH external auditor’s (KPMG) report on the 2011 financial statements is clear and was issued without qualification.
The “Emphasis of matter” paragraph included in the auditor’s report is not a qualification under International Standards on Auditing and the auditors clearly state this fact in their report by saying “without qualifying our opinion…”
“Therefore we maintain our position that the letter submitted on 1st March 2012 to the stock exchange was accurate and had no wrong or misleading information to the market,” Majali in a statement said.
“GFH acknowledges its large shareholders base in Kuwait and appreciates their confidence in the Bank. GFH’s experience with the share activities in BSE, KSE, DFM and London GDR is very well measured and holds immense value to the Bank’s business. We again would like to assure all GFH shareholders that the information provided to the Stock Exchanges are absolutely clear and, accurate and properly reflect the external auditors’ opinion about the financial statements and also in line with the previous announcements from the bank.”