Cinram International Income Fund announced that it was advised by KPMG LLP, Cinram’s auditor and tax advisor, that in its view an error was made in certain of Cinram’s previously filed tax returns for 2008 and prior years. KPMG has advised Cinram that the matter may result in an understatement of net income tax liabilities in a range approximating U.S. $10-20 million.
According to the statement, Cinram is reviewing the matter with its advisors. Until that review is completed Cinram cannot determine whether an error was made or, if so, the potential impact on its previously filed financial statements and on the fourth quarter and 2009 year end results announced on March 2, 2010.
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