Lend Lease Group (ASX:LLC) has announced the results of its investigation into subsidiary Abigroup, after the company misreported profits and costs in two of its projects last month.
The global property developer found the two projects had no net material impact on the group’s financial position or results from fiscal 2012.
The investigation also encompassed a review of a range of Abigroup’s projects, confirming that no systemic issues were identified.
Lend Lease CEO Steve McCann says the company acted quickly in an open and transparent manner to address the matter through a robust internal control process.
Lend Lease has announced that its outlook for the 2013 financial year remains unchanged.
Lend Lease posted a net profit of $503 million in the 2012 financial year.
LLC Price at posting:
$8.47 Sentiment: None Disclosure: Held
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