The essence is that profits have been generated by dubious...

The essence is that profits have been generated by dubious revaluation of assets.
How is that even possible for these assets?
You go to an independent valuer & ask them to value them, it's not like there isn't an open market for agricultural assets in Australia!
They buy assets, improve them & they are revalued. Not rocket science.


False rents suggests fraud &/or collusion with some very large companies ( select investments & treasury wines?).
What possible evidence could they have for that?
Are they suggesting the rent wasn't paid? Not difficult to check for PWC.
They would have signed lease agreements.

I find it incredibly hard to believe the assets are overvalued as suggested & the suggestion the company is worthless is only valid if the debts are greater than assets.
Sure you could get a different valuation by another valuer but not materially, at least you shouldn't if the auditors have done t their jobs!

The whole management fee thing is a different issue but if true means that RFF results have been understated & should have been better.

My suggestion would be to wait to see what the mngt response is before jumping to any conclusions.