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Troubles at Fin.part: KPMG Cites Tension, Refuses to OK Books

Cerruti parent Fin.part got a slap this week when auditor KPMG, questioning the feasibility of its business plan, declined to certify the firm’s 2002...

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In an effort to calm fears, Fin.part said its first-quarter revenues rose 6 percent to $137.2 million from $129.4 million in the prior-year quarter. It also said clothing orders for the fall-winter season are up 11.9 percent on the year to $184 million.

Facchini personally owns 19.5 percent of Fin.part while the Libyan Arab Foreign Investment Company SA, or Lafico, Libya’s corporate investment arm, holds 8.95 percent. Facchini said Lafico will "adhere to any eventual capital increase."

Another component of the Fin.part universe hit its own rocky patch. Textile company Olcese, which counts Fin.part as its biggest shareholder, also failed to get its 2002 accounts approved.

Deloitte & Touche Italia said it was concerned that Olcese might not secure proper financing to continue operations. Olcese in response said it is revising its business plan to generate positive results in the future.

Fin.part holds nearly 30 percent of Olcese, while Lafico owns another 21.7 percent of the firm.
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