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Business

Comroad Scales Down Figures After Boss’s Conviction

A day after the sentencing of Comroad's chief executive for insider trading and financial manipulation, the German tech firm announced revised figures for the years 1999 to 2001. On Friday, the company said that its balance sheet losses for the year 2001 were as high as 26.5 million euro ($26.5). Revenues for the same period were 1.3 million euro and not 93.6 million euro as the firm had earlier claimed. The final figures will be available by the beginning of 2003, a spokesman said. The Comroad scandal was one of the most notorious to hit Germany’s Neuer Markt. The company was booted off the exchange this year following revelations that nearly all of its claimed revenue in 2001 was non-existent.