VEON appoints PwC as 2023 auditors, provides updates on reporting timelines
March 14 2024 - 12:00PM
VEON appoints PwC as 2023 auditors, provides updates on reporting
timelines
Amsterdam, Netherlands, 14 March 2024 : VEON Ltd.
(Nasdaq: VEON, Euronext Amsterdam: VEON), a global digital operator
that provides converged connectivity and online services (the
“Company”), announces that it has now appointed
PricewaterhouseCoopers Accountants N.V. for the audit of the
Group’s consolidated financial statements for the year ended
December 31, 2023 in accordance with International Standards on
Auditing (the “ISA Audit”).
The Company also announces that it expects to be
delayed in reporting its audited consolidated financial statements
for the year ended December 31, 2023 under PCAOB auditing standards
and ISA (the “2023 PCAOB Audit,” and together with the 2023 ISA
Audit, the “2023 Audit”), filing its annual report on Form 20-F
with the U.S. Securities and Exchange Commission (the “SEC”) and
filing its annual report with the Dutch Authority for the Financial
Markets (“AFM”) in connection with its Euronext listing.
The delays arise from the difficulties that the
Company has faced in identifying a suitable auditor due to the
material changes in the Group’s portfolio of assets. For the 2023
PCAOB Audit in particular, the Company is required to identify an
auditor who meets the principal auditor requirements under the
PCAOB auditing standards and is a PCAOB-registered auditor in order
to either perform (or assume responsibility for) the audit work in
the countries where it had major assets or revenue in 2023, or
alternatively divide responsibility with other auditors who are
PCAOB-registered. A suitable auditor that is qualified to provide
these services in the countries where VEON operates has not yet
been identified.
As a result of the anticipated delays in its
filings, the Company expects that it will not be in compliance with
its listing requirements once the applicable deadlines have passed,
and will focus on regaining compliance as soon as practicable.
VEON also expects to be delayed in delivering
the audited consolidated financial statements of its subsidiary,
VEON Holdings BV, to the holders of the outstanding notes of VEON
Holdings BV (the “VEON Holdings Notes”) and its revolving credit
facility (the “RCF”) creditors, as well as in the delivery of the
Company’s 2023 audited financials to the RCF creditors. The Company
will seek consents from its RCF creditors and the holders of the
VEON Holdings Notes for the delayed delivery of the audited
financial statements.
The Company will provide further updates in the
future on its progress and the status of the matters mentioned
herein. As previously announced, VEON will release its unaudited
selected financial and operating results for the fourth quarter and
the twelve months ended December 31, 2023 on March 21, 2024.
Important Notice
Elements of this press release contain or may
contain “inside information” as defined under the Market Abuse
Regulation (EU) No. 596/2014.
About VEON VEON is a digital operator that
provides converged connectivity and digital services to nearly 160
million customers. Operating across six countries that are
home to more than 7% of the world’s population, VEON is
transforming lives through technology-driven services that empower
individuals and drive economic growth. Headquartered in
Amsterdam, VEON is listed on Nasdaq and Euronext. For more
information visit: https://www.veon.com.
Disclaimer This release
contains “forward-looking statements,” as the phrase is defined in
Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. Securities Exchange Act of 1934, as
amended. Forward-looking statements are not historical facts, and
include statements relating to, among other things, VEON’s efforts
to deliver its audited consolidated financial statements, maintain
its current listings and seek consents from its RCF creditors and
holders of the VEON Holdings Notes for the delayed delivery of
audited financial statements. Forward-looking statements are
inherently subject to risks and uncertainties, many of which VEON
cannot predict with accuracy and some of which VEON might not even
anticipate. The forward-looking statements contained in this
release speak only as of the date of this release. VEON does not
undertake to publicly update, except as required by U.S. federal
securities laws, any forward-looking statement to reflect events or
circumstances after such dates or to reflect the occurrence of
unanticipated events.
The Company cautions that its forward-looking
statements are based on its current expectations and assumptions,
which are subject to risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements. These risks and uncertainties include, but are
not limited to, the risk that the Company may not be able complete
the 2023 Audit within a reasonable timeframe, the risk that the
Company may face legal or regulatory actions, penalties, or
sanctions as a result of the delay in its 2023 Audit (including
delisting if the Company is not able to agree a plan to regain
compliance with its reporting obligations or does not regain
compliance within the time period required by Nasdaq), risks
associated with obtaining the relevant consents from its creditors
and noteholders, the risk that the Company may lose the confidence
or support of its customers, suppliers, employees, or investors as
a result of the delay in its 2023 Audit, and other risks and
uncertainties described in the Company's filings with the SEC,
including its most recent annual report on Form 20-F.
Contact Information:
Hande Asik Group Director of Communication pr@veon.com
Faisal Ghori Group Director of Investor Relations
ir@veon.com
VEON (TG:35V1)
Historical Stock Chart
From Jul 2024 to Aug 2024
VEON (TG:35V1)
Historical Stock Chart
From Aug 2023 to Aug 2024