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.