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Article: Pearl's listing delayed by accounts rules
- Article from:
- The Independent on Sunday (London, England)
- Article date:
- September 13, 2009
- Author:
CopyrightCopyright 2009 The Independent on Sunday. Provided by ProQuest LLC. (Hide copyright information)
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The likelihood of Pearl, the Hugh Osmond and Nicholas Berggruen
backed insurer, floating on the London Stock Exchange this year has
been called into question as the firm struggles to comply with
reporting standards in time.
The group, which is expected to appoint Northern Rock chair, Ron
Sandler, as chairman when it announces results on 24 September, said
in July it was "developing internal financial systems in accordance
with International Financial Reporting Standards" (IFRS) ahead of
the firm being bought by Cayman Island-based group, Liberty.
But a source close to Pearl said that the development of systems
to comply with IFRS was taking longer than initially envisaged,
casting doubt that ...