Electronics Production |
Two Flextronics subsidiaries<br>threatened to be liquidated
Swedish Authority of Business administration is threatening Flextronics' two Swedish subsidiaries with liquidation if the subsidiaries don't turns in their annual reports before May 9, 2007.
Flextronics International Sweden AB's CEO Björn Burklint however told local press that there will be no risk of liquidation.
The reason why the authorities issued the threat is according to local press that Flextronics International Sweden AB and Flextronics Group Sweden AB have not turned in their annual reports for 2005.
According to Swedish law, annual reports must be turned in to the authorities seven months after the fiscal year finishes by the latest.
In this case Flextronics has been holding the annual reports for some fine tuning. Therefore the deadline for the annual reports has been overstepped as the reports were supposed to be at the authorities by the latest on July 31, 2006.
Swedish Authority of Business administration has told Flextronics International Sweden AB that if the reports don't arrive at the authoritie's office on May 9 the two subsidiaries will be taken into forced liquidation.
