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Titan N.V.

Titan N.V.

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Publicatie datum 30 okt 2014 - 08:00
Statutaire naam Titan N.V.
Titel TIE Kinetix: Repayment EU Development Grants
Bericht TIE Kinetix N.V. (“TIE Kinetix”) announces today that it has received a notice from the European Commission (EC) for a partial repayment of EU development grants, following a recent audit carried out under supervision of the EC. Even though the projects had been executed to full satisfaction and the financial management was, according to the auditor, carried out in an acceptable manner, some of the procedures were not in compliance with the requirements of the EC. Although the audit was limited to three projects in the period 2008-2011, it may be expected that the findings will affect other projects and periods. The size of the repayment of the Development Grants is difficult to assess at this stage but may be as high as € 1.3 – 2 million.