No surprises here the CFO that has been moved appeared to be way too young and inexperienced (he was in high school in the GFC!!!).... many matters appear to be off, for example, the books did not reconcile and in the restated accounts they recognised 882k provision for unreconciled differences in the loan and lease receivables, it is beyond me how someone could go through one month end with anything that does not reconcile let alone a year end - and did the auditor know about this material amount...
watch the massive provisions get recognised when the half-year is released, a smart CEO/CFO will over provision the F out of it blaming it on the last management team and then slowly release the provisions going forward to improve their results and make themselves look good....
this aint going to be pretty!!!!!
AXL Price at posting:
$1.63 Sentiment: Sell Disclosure: Not Held
