Deconstructing Leighton’s problems

A corruption scandal, large unpaid bills, government actions and rising debt are testing Leighton’s structural integrity.

The Leighton saga is a rare event. It’s a long time since we have seen a large public company under such detailed scrutiny in the media with issues involving corruption and possible offences that involve heavy fines and jail sentences.

It’s not my purpose today to even attempt to pass judgement on the Leighton issue but rather to look at the company as an investment. Leighton shares have been declining for some time, as if the market knew that there was something wrong.

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