REP 2 Report of Investigation: Burns Philp and Co Ltd
Released December 1998.
This report has been prepared pursuant to section 17 of the ASIC Act, to make public the findings of ASIC’s investigation into the $700 million writedown of assets by Burns Philp in September 1997. The report outlines the circumstances that led to the writedown, and ASIC’s conclusions in respect of these circumstances. ASIC believes that there is a public interest in publishing its findings, to better explain how such a large writedown occurred, with little warning in a large, well-established public company of good repute, and to draw a number of corporate governance issues arising from these circumstances to the attention of all participants in Australian markets.
Copies of this report can be viewed at the following libraries:
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