Fintech giant Cassava Smartech on Wednesday said it will now publish its audited financial statements for the year to February 28, 2021 on the 18th of October this year after resolving technical accounting matters.
At the beginning of this month, trading in shares of Cassava was suspended due to FY21 results release delay. The Listing Rules say ZSE must suspend an issuer who fails to publish accounts for a period of 7 months.
“The delay in publication was due to certain technical accounting matters which required additional time to resolve,” the company said in a statement to its shareholders.
“These technical accounting matters have now been satisfactorily resolved and the Company expects to publish its audited results by 18th October 2021.”
It said the delay in publishing its accounts is purely due to technical accounting matters and is not because of any “fraud or other financial misconduct.”
Previously, ZSE chief executive officer Justin Bgoni noted that once an application for suspension has been approved by the Securities and Exchange Commission, it can only be lifted when an issuer has published its audited financial statements.
In October 2019, Cassava Smartech’s Chairperson Tracy Mpofu together with the company’s two directors Strive Masiyiwa and Douglas Mboweni stepped down from the board as part of efforts to improve transparency and governance issues – Harare