June 22, 2022 – Viceroy’s deeper review into SBB’s financial accounts have presented material reconciliation challenges which our team, together with various expert consultants, cannot reconcile. This challenge stems from SBB’s consolidation of acquisitions, which we believe to be incorrect and unjustly inflating asset values.
Viceroy have requested that SBB prove these reconciliations through correspondence and answer basic questions regarding non-cash entries in its statement of cash flows. SBB provided non-answer statements, including that its method of acquisition accounting is industry standard (it absolutely is not).
SBB also acknowledged material error on its presentation of Contracted Future Rental Income, which was inflated by over 100% in 2020. Unsurprisingly, this was not picked up by auditors EY, who were also presented with this error, and have made no attempt to correct its audit opinion.