Accentro - comment
The same shareholders are still in control at Accentro, so some of the governance issues we have highlighted previously have not disappeared. KPMG has confirmed what we believed, that Ganiyev had bank financing secured on his stake in Accentro. It is still unclear who (if anyone) is sitting behind the loan provider, Nonghyup Bank (of Korea). We have had concerns about who was really pulling the strings at Accentro after Ganiyev’s purchase (via Brookline); KPMG’s report into Adler backs our view. We concede that Accentro is making some efforts, communication has improved and the appointment of a CIO (until the bonds are repaid) is a further plank to governance.