Auditors’ reappointment opposed at SWS agm

THE reappointment of Ernst & Young as auditors to SWS of Bandon was opposed at the group’s annual general meeting.

Lisavaird Co-op proposed accountancy firm Crowley & McCarthy after the reappointment of Ernst & Young was put to the meeting by the board at Monday’s annual general meting.

The counter-proposal of Crowley & McCarthy caused confusion, and the view from the top table was such a move required seven days notice prior to the AGM.

It was pointed out at the meeting that seven days notice wasn’t required, but after further debate the issue was referred back to the board who have been instructed to deal with the issue.

It has emerged that confusion emerged at the AGM about who was entitled to vote and sources present said it was quite chaotic.

A group spokesman said management did not want to comment.

A spokeswoman for Ernst & Young said “it was group policy not to comment on client business”.

SWS management is working flat out to get the due diligence process with IAWS finalised, the spokesman for the group said.

IAWS hopes to have this finished soon and have the takeover completed by the end of October.

Only parts of SWS are included in the 64m deal, including the waste management and energy divisions. SWS management, in a deal struck with the then-SWS board, were granted 40% equity in the group, which entitles them to nearly half of 2004’s €4.2m profits.

If the deal is completed management will be entitled to 25% of the €64m, or roughly €16m.