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Scathing report released into Hastie collapse

THE administrator appointed after the spectacular collapse of building services company Hastie Group last year has released a scathing report into what went wrong.

The collapse left 2,700 workers without jobs, unsecured creditors were owed millions of dollars and the big four banks now face write-offs of hundreds of millions of dollars.

The report by administrator PPB Advisory suggests there were inadequate management systems and poor controls within the company.

A leading Australian accounting firm has also been caught up in the mess.

Craig Crosbie from PPB Advisory helped prepare the administrator's report. He told the ABC's 7:30 management got it dreadfully wrong.

Read more at ABC news online.


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