Today Nasdaq listed blockchain firm Triterras announced that KPMG resigned as the firm’s ‘independent accountant’ – or rather its auditor – and the board is launching an independent investigation into allegations raised by a short seller report. The press release downplayed the KPMG news by leading with the independent investigation. Furthermore, reading the press release would likely lead to an interpretation that the departure was by mutual agreement, whereas KPMG resigned as auditors. We confirmed with Triterras that the resignation relates to the auditor role, not accounts preparation.
The company’s quarterly report to November 2020, its first since its listing, has not been audited, although listed firms are not required to have an audit for the quarterly report. But under the circumstances, it would provide added comfort.
As we previously reported, the blockchain trade and trade finance company faces a class-action lawsuit over related party transactions as well as a scathing report from short seller. These sorts of reports are designed to create profits if the stock price drops. The short report also focused on related party transactions as well as odd patterns of trades. Triterras merged with a Nasdaq listed SPAC Netfin in November 2020.
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