centro could face 150m in legal bills..., page-2

tweetypie,

I think one of the paragraphs is misleading - correct me if I am wrong but "Centro on Friday increased by $1.5 billion to $2.61 billion the reported value of short-term debt it held at June 30." This was actually reported last year NOT on Friday - its incompetent journalism or at worst a cheap, inaccurate shot to spice up the article?

The article also says that "In August, Centro said it had no short-term debt (debt due to expire within 12 months) and in September it told the market it held $1.096 billion of short-term debt." I believe the 2007 accounts showed both the $1.096B as a current liability and $2.5B as a non-current liability. As this was published in late June/July 2007 some things may have changed by August and September 2007, but in either case Centro did post these debts previously.

Finally, "Law firms Slater & Gordon and Maurice Blackburn are preparing class action lawsuits against Centro based on that non-disclosure of debt". I'm not sure that these debts were not in fact disclosed - the issue seems to be in what form these debts were reported - which is hardly a reason for suing Centro and in any case, I would have thought this was more in PWC's court, since the "error" should have been found by the PWC audit and corrected before the accounts were published?