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Finweek responds to ABC
Audits of Finweek conducted by the ABC and independent auditors have identified a number of administrative issues, some of which, according to the ABC board, have not been correctly reported and require revisions of circulation figures. “We're not disputing this, as it is purely a reclassification issue and will not affect Finweek's total circulation,” said Rikus Delport, Fin24 GM, this afternoon, Friday, 8 February 2008, in a press statement. “Finweek strongly disagrees, however, with the ABC's statement regarding the other two transactions.”
He pointed out that the transaction in question was approved in principle by a member of the ABC staff: “There is no question of dishonesty or fraud”
In the view of Finweek, the matter relates to a difference of opinion between the ABC and Finweek in the interpretation of the rules. Finweek and the ABC are in dispute about the validity of circulation figures resulting from inter-group transactions.
Stated Delport, “Finweek has a strong case, because the magazine has an independent legal opinion from Senior Counsel, backing Finweek's interpretation of the rules. Moreover, the ABC is not disputing the fact that the magazines under question were actually delivered to identifiable readers.
Finweek does not agree with the ABC's rationale.”
According to Delport, Finweek acted in good faith and vigorously rejects any inference of unethical behaviour. “At the same time we wish to make our willingness to co-operate with the ABC clear in order to resolve the dispute.”
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