CD cargo under audit, again
The state-owned Czech Railways, the owner of the CD Cargo company, has sent KPMG auditors for an extraordinary inspection into the company. The objective is to find out whether CD Cargo, one of the biggest freight carriers in Europe, carries out its business in an efficient way. The reason is that CD Cargo has reported a high loss of CZK 378 mln, instead of profits. The first inspection in CD Cargo started in 2009 after the regular auditors expressed objections to a part of the company’s accounting. However, Oldrich Vojir, the head of the supervisory board of CD Cargo, said that it was non-standard for a parent company to carry out an audit in its subsidiary company. A change in the statutes therefore followed, which made the current inspection legally correct. Source MFD 6
