The Ecobank Transnational Incorporated (ETI) Monday maintained that its 2012 consolidated financial accounts were audited and properly certified by its auditor, the PriceWaterhouseCoopers (PwC).

The pan-African bank, which said this in a statement, said the result was published under the International Financial Reporting Standards (IFRS), contrary to allegation that it was misstated.

They were reports at the weekend that the Securities and Exchange Commission (SEC) was investigating the ETI over an alleged misstatement of its 2012 financial performance.

A source at the commission had revealed that SEC held meetings with Ecobank’s board of directors on August 6 to discuss the issue, which was raised by a suspended former head of finance at the bank.

But the yesterday’s ETI statement explained: “Ecobank Transnational Incorporated today responded to speculation in the media about its 2012 accounts. The 2012 consolidated accounts of ETI were audited and certified independently by PriceWaterhouseCoopers.

“They are published under IFRS. Contrary to media speculation there was no allegation that these accounts were misstated. ETI will continue to cooperate fully with any of the regulators in its 34 African markets. “ETI fully subscribes to strong ethical standards and transparency and continues to value the role of regulators in all jurisdictions in which it operates.”

Source: Thisday (by Nume Horsfall)