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BFCSA: Slater and Gordon under ASIC investigation over possibly 'falsified' or 'manipulated' financial records

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Slater and Gordon under ASIC investigation over possibly 'falsified' or 'manipulated' financial records

By business reporter Thuy Ong

Updated about an hour agoWed 21 Dec 2016, 12:43pm 21 December 2016

 

http://www.abc.net.au/news/2016-12-21/asic-slater-and-gordon/8137940

 

 

The corporate regulator is investigating law firm Slater and Gordon over whether it deliberately falsified or manipulated its financial records and accounts.

 

In a statement released to the ASX, the law firm said it was served yesterday afternoon with two notices by the Australian Securities and Investments Commission (ASIC) to produce documents related to its financial accounts for the period between December 2014 and September 2015.

 

The corporate watchdog is investigating the accuracy of Slater and Gordon's financial records and accounts and will also investigate whether the company or any of its employees have committed offences.

 

Slater and Gordon said the documents are to be produced later this month and in early January 2017.

 

The company said ASIC has stated the notices "should not be construed as an indication that a contravention of the law has occurred, nor should they be considered a reflection upon any person or entity".

 

Slater and Gordon said it would comply with the notices and "fully cooperate with ASIC so that its investigation may be completed as soon as reasonably possible".

 

Slater and Gordon shares fell 7.5 per cent to 24.5 cents by 10:39am (AEDT), following the market announcement.

The company's share price has been in freefall since peaking above $8 in April 2015, after massive write-downs and debts associated with the ill-fated acquisition of UK business Quindell, which coincided with its share price high.

 

ABC News contacted ASIC, but the watchdog declined to comment on the matter.

 

 

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  • organza
    organza Wednesday, 21 December 2016

    Possibly falsified or manipulated financial records and accounts??? Goodness me, pass the smelling salts. ASIC must be feeling a degree of pressure to have made that admission. Now we will have to wait with baited breath to see if Robots on auto pilot are blamed for obeying flawed calculator instructions. It's a worry when regulators with short memories responsible for giving the green light to make corruption free for all are doing the investigating.

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