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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Monday, 17 December 2007 |
 Faced with continuing pressure to make sure all Index Stock contributors are paid past-due royalties, Photolibrary has issued a detailed statement reiterating the company's position that it is diligently working its way through an accounting mess left over from the division's previous owners.
"We inherited a primitive accounting system that was fundamentally flawed, with records unclear and account payable obligations uncertain," the stock photography company said in a release sent out early on this date by Chief Executive Tim Moore.
"It is a matter of fact that no contributor royalties have been removed from the accounts nor have any documents been destroyed," stated the five-page press release.
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