KPMG

"The KPMG accountant was still filling in as our chief financial officer while we continued to look for a permanent replacement. She may not have been the typical boo person, but she had turned out to be exactly what we needed. Since joining in mid-June, she had restructured our finance department from top to bottom. She’d got rid of all the financial contractors and doubled the number of full- time staff to twenty-five. We now had a new financial controller, Stefan Pregelj — who was so dedicated that I would find him working in the office every Saturday and Sunday — as ‘well as a treasurer and teams for the payroll and accounts payable. After lots of heavy training sessions, everyone had finally started using the IFS accounting system. The result was that our financial accounts were more accurate and more up to date than they’d ever been."

"Ernst Malmsten and Kajsa Leander, joint founders and major shareholders of boo.com, the active streetwear online retailer, have issued the following personal statement: We are deeply disappointed that it has been necessary to ask KPMG to become liquidators of the company. ‘The senior management of boo.com has made strenuous efforts over the last few weeks to raise the additional funds that would have allowed the company to go forward with a clear plan. This plan involved a restructuring of the retail operations, the development of an e-fulfilment business using our unique advanced technology and operations platform, and _ the identification of strategic partners. It is disappointing to both the management and staff alike that we were not able to bring this plan to fruition particularly against the background of steadily- improved trading. Tt will be of little consolation to our staff, but we wish to thank them for their fortitude, patience and commitment. They have had to endure weeks of media speculation about the"

"Just three days before, on May 5, KPMG had audited the financial statements without any restrictions and quantified the risks. The book values had decreased, and thus also automatically the shareholders' equity of the companies. Benko, who himself holds 48 percent of the holding, is campaigning for a capital increase. He wants half a billion euros, and the round neither rejects nor agrees. But Benko leaves the meeting feeling that there is still something to be gained. It should by no means be a "Mickey Mouse capital increase," he tells confidants."