Independent audit company KPMG issued an opinion with reservations regarding the financial report of the Atlas bank for last year when it had made 190.000 euros of profit.
In a document published at the website of CBCG and Montenegrin stock exchange it is stated that at the end of last year a correction of the loans value was made and receivables from clients underestimated for 11 million euros, and net result was overestimated.
Atlas bank, as KPMG stated, announced receivabes of 3.351.000 euros with Bobar bank in Bijeljina which is in the process of liquidation since 23rd of December in 2014.
“Bank ddn’t count in eventuall losses related to devaluation of these receivables, atlhough our estimation is that these payments are not likely to be collected”, auditors said.
Bank announced investments in joint companies and projects in value of 2.091.000 euros, but didn’t count or calculate potential losses based on devaluation of these investments.
During last year, a lawsuit was filed in Commercial court against Atlas bank by Kaspia properti based on a guarantee of 12.500.0000 euros. Prior to this report two hearings were held. Based on the estimation by lawyers of the bank, the bank didn’t calculate or note reservations for this as it was stated in the report, and it’s added that the connected legal entity Atlascapital Financial Services Cyprus was suspended its license in April of 2016 by the local Securities commission for a month, and later this suspension was extended to three months.
Source: Cafe Del Montenegro