2CRSi SA: Results of the independent analysis following the Grizzly Research report

2CRSi SA has published the findings of the independent review commissioned following allegations made by Grizzly Research. The independent expert refuted the primary allegation that the company generated almost all of its revenue through undisclosed related parties. However, reservations remain regarding certain transactions where customers paid 2CRSi suppliers directly.

The report also confirmed the existence of certain transactions by verifying cash receipts and the compliance of commercial documents for deals totaling €425 million. Concerns were raised regarding the documentation and certain financial arrangements.

Regarding other allegations, the expert was unable to confirm firm funding or activation for certain contracts, which were potentially problematic in terms of their implementation. 2CRSi's internal controls were deemed insufficient and in need of improvement.