We now know why Chakana Copper's (PERU.v) annuals were delayed... - Hallo friendsTODAY'S NEWS AND ACCREDITED, In the article you read this time with the title We now know why Chakana Copper's (PERU.v) annuals were delayed..., We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article BANKING, Article CULTURE, Article ECONOMIC, Article HOTELS, Article POLITICAL, Article SOCIAL, Article SPORTS, Article TOURISTS, Article TRAVELING, We write this you can understand. Alright, good read.

Title : We now know why Chakana Copper's (PERU.v) annuals were delayed...
link : We now know why Chakana Copper's (PERU.v) annuals were delayed...

We now know why Chakana Copper's (PERU.v) annuals were delayed...

...and the stock on management CTO for a couple of months. They late-filed the 2019 annuals (and the latest quarter) on SEDAR last night and...

Subsequent to May 31, 2019, Management discovered that an employee had misused $569,698 of Corporation’s funds for personal benefit. The employee directed unauthorized cash payments to be made, which were supported by falsified supporting documentation. Management has reviewed the payments and determined that $120,169 of these transactions relates to the nine months ended May 31, 2018 and $368,886 relates to the year ended May 31, 2019. Subsequent to the year ended May 31, 2019, Management has determined $80,643 of the misuse loss relates to the period from June 1, 2019 to September 18, 2019, the termination date of the employee.

Management has determined that the effect of the misuse of funds during the nine months ended May 31, 2018 is material to the consolidated statement of loss and comprehensive loss for that period and to the consolidated statement of financial position as at May 31, 2018. The effect of restating the financial position and financial performance for the period ended May 31, 2018 is described in Note 2.

On October 4, 2019, the Corporation signed a settlement agreement pursuant to which 4,000,000 of the common shares of the Corporation, owned by a former employee of the Corporation, were relinquished as compensation for misuse of funds by the former employee. These 4,000,000 shares were cancelled on November 14, 2019. Additionally, as a result of the former employee’s termination for cause, 1,000,000 share purchase options, issued September 17, 2017, have been cancelled.

...it looks like a modest case of embezzlement. And as those tend to create an accounting spaghetti that needs to be un-knotted forensically, the delay is understandable. The silver lining is that they caught the bad actor and that the damage isn't heavy on a corporate level, Chakana will not be killed by this unfortunate event.

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