Amsterdam based Czech defense firm CSG denies allegations of misstated sales

CSG, a Czech defense company listed in Amsterdam, has firmly rejected the findings and allegations made in a report by Hunterbrook. The platform alleged on Monday that the company may have overstated its sales performance and suggested there are tensions within its senior management.

“The article contains inaccuracies, selective interpretations, and misrepresentations,” CSG stated after its shares closed more than 13 percent lower on Monday.

“In particular, CSG rejects any suggestion that the prospectus or subsequent disclosures were incomplete or misleading. The company stands by the integrity and accuracy of the documentation surrounding the IPO and all communication thereafter. These documents were prepared with due care and in accordance with applicable legal and regulatory requirements,” the company said.

CSG said it remains committed to its current strategy, citing “strong operational performance and robust demand” for its products. The company added that it is still reviewing the article in detail and reserves all legal rights in response.

Since its listing in January, CSG has seen its market value fall by almost 40 percent. The defense group, headed by Czech billionaire Michal Strnad, manufactures a range of products including military vehicles, air traffic control systems, and ammunition.