Management battles are said to be underway at the Gold Coast offices of Allied Brands Ltd (ABQ) with the result that the company has missed its reporting deadline for the Annual results report.Just a month ago the company promised results would be released by 25 August. The week ended with no such results being reported.
Auditor Hacketts company is being strongarmed to sign off on reports that many believe are dodgy, to say the least. The increased scrutiny by the ASX, ASIC, and other investigative bodies have the professionals scared about putting their signatures on these reports. Previous quarterly, half yearly, and annual reports have already been exposed to have statements with little veracity.
And one director who's also employed by Korda Mentha is increasingly concerned that his licence will be threatened by the process currently underway. Korda Mentha would have serious credibility issues if the ASX and ASIC, currently watching Allied Brands closely, begin to inspect the kind of reports that the company is hoping will stop the slide and once again cover up the real health of the company.
31 July 09 notice to market:
autopost 61.9.168.137
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