Ainsworth comments on historical investigations into CEO Harald Neumann
Summary
Ainsworth Game Technology has addressed recent media reports on investigations by the Austrian Economic and Corruption Prosecutor’s Office (WKStA) involving CEO Harald Neumann, sparked by inquiries dating back to 2019. These investigations included more than 100 individuals, including Neumann and Novomatic AG, the company’s controlling shareholder.
The investigations were made public in 2019, and Ainsworth promptly notified gaming regulators to ensure transparency. Following a legal review, Ainsworth concluded that the allegations lacked sufficient evidence for a formal ASX announcement.
Source: Ainsworth comments on historical investigations into CEO Harald Neumann
Key Points
- Ainsworth confirmed awareness of the WKStA investigations since August 2019.
- Harald Neumann was a non-executive director before becoming CEO in October 2021.
- The Board determined that no material disclosures were needed due to lack of evidence and preliminary nature of the investigations.
- A review confirmed Neumann’s suitability for the CEO position despite the investigations being public record.
- Most investigations related to Neumann and Novomatic AG have been discontinued, indicating no findings of wrongdoing.
Why should I read this?
If you’re even remotely interested in corporate governance or the gaming industry, this article is a must-read! It sheds light on how companies like Ainsworth handle significant legal challenges and the implications of public investigations on leadership. Save yourself some time and get clued in on what’s really happening behind the scenes!