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Company collapse blamed on poor risk management

by Dave Collins on December 22, 2016

Recent article from http://www.insurancebusinessonline.com.au

Company collapse blamed on poor risk management

PPB administrators Ian Carson, Craig Crosbie and David McEvoy have reported concerns to ASIC that there was a “general culture of ignoring bad news” within Hastie Group. They found the company’s audit and risk committee to be largely inactive and that the board did not have an inquiring mind until Bill Wild was appointed chief executive in 2011.

The books and records of the group did not correctly explain its financial performance and position, said the administrators, and this may have led to a presumption of insolvency. They will be reporting possible breaches of directors’ duties and, where relevant, the failure to provide required statutory reports to the administrators.

Read more here…………

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