2CRSi Publishes Findings of Independent Expert on Grizzly Research Allegations

2CRSi SA has released the main conclusions of an independent expert's report following allegations by Grizzly Research LLC. The expert, a leading financial advisory firm, analyzed multiple accusations regarding revenue fabrications and undisclosed related parties. The study found the claim of fictitious revenue through undisclosed related parties to be unfounded, although it could not draw conclusions on certain direct payments.

The expert reviewed key transactions and examined 2CRSi's framework agreements. It confirmed transaction authenticity but noted issues in documentation completeness. The analysis raised concerns about the company's contract with a German customer and challenges facing the USD 610M contract initially attributed to NewYork GreenCloud LLC.

The report also identified significant internal control deficiencies but found no evidence of regulatory violations. 2CRSi plans to enhance its internal controls and communication clarity based on the expert's findings, aiming to reassure its shareholders. The company reported ongoing projects with NewYork GreenCloud that have faced delays but continue to be evaluated.