Mexico's Grupo Simec reaches deal with SEC over failing systems control

Wednesday, 06 February 2019 02:14:55 (GMT+3)   |   Sao Paulo

Mexican steelmaker Grupo Simec said it has reached an agreement with the US Securities Exchange Commission (SEC) to make sure the producer will implement and keep interim control systems to properly report their financial information, the company said.

Grupo Simec was fined $200,000 by SEC for failing to complete the required internal controls over financial reporting (ICFR), the SEC said, adding that Grupo Simec disclosed material weaknesses in its annual filings for ten consecutive years, from 2008 to 2017.

“The company did not make significant progress in devising a control structure and remediating material weaknesses until after the SEC staff contacted it. The company continues to have material weaknesses that are being addressed through remediation,” the SEC said at the time.

Under the terms of the agreement, Grupo Simec committed to strengthening its policies and procedures of its internal control system to correct the control weaknesses detected.

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