Elders probe to drag into Dec
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The ongoing investigation into Elders (ELD) discrepancies in the reporting and recognition of livestock values in its live cattle export division totalling around $18 million, will continue into December, The Australian Financial Review reports.
According to the newspaper, Elders managing director Malcolm Jackman confirmed the probe would take longer than expected, but added there had been no cause for the group to contact authorities on matters uncovered in the investigation to date.
"I think it’s more likely to be December," he told the AFR. That date pushes the final report from the investigation well past the group's full-year results, which are slated for release in mid-November.
"Even once we’ve got the report we still need to agree on the course of action," he added.
In October, the services of accounting firm PPB Advisory and lawyers Herbert Smith Freehills were retained by Elders to conduct a forensic investigation into the matter.
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