Interviewer: So, Mr. CEO, according to our investigation, you’ve been dishonest about two key elements in the disclosure. Can you explain why and tell me a story?
CEO: I’m embarrassed to admit it, but yes, I’m guilty of lying about two key items in the disclosure. The truth is that due to unforeseen circumstances, the Dexia Group was unable to meet the expectations of their products and services. This, unfortunately, caused us to be less than truthful in our reported results.
The first point I lied about was the financial forecast. At the time, the Group forecasted a huge profit that would be made in 2022. In reality, we suffered a net loss instead. It was a devastating disappointment. We had done our research and everything seemed to indicate that it was a risk-free endeavor, but our calculations proved to be wrong.
The second point I lied about was our manufacturing process. We had boasted about a new manufacturing process that would be more efficient and provide better product quality. However, when it came time to implement it, a piece of our equipment malfunctioned and couldn’t be fixed. This caused a delay and it ended up costing us more time and money than we had anticipated.
I’m ashamed of my dishonesty and I wish I had been more honest with our investors. I was blinded by the excitement that came with boasting about our product and our process, and I made the wrong decision. I’ve learned from this experience and I can assure that it won’t happen again.
Original Release: https://www.globenewswire.com/news-release/2023/03/10/2625105/0/en/Dexia-Consolidated-results-FY-2022.html