Employees at Engineering company Hastie Group turned up to work today to find their employment in doubt as the company goes into voluntary administration.
With 2,000 jobs at risk, abcreported Hastie Group faced difficulties negotiating its debts with the banks, after a $20 million dollar accounting irregularity was uncovered.
The company, which has struggled with the rising Australian dollar, stopped trading on the ASX in April at 16 cents a share, a huge decline from the 52 week high of $2.30.
In a statement from the company, Hastie Group announced the following:
The Directors of the Company and the relevant subsidiaries resolved to place Hastie Group Limited and 44 of its Australian subsidiary companies into voluntary administration. The Directors today appointed Ian M Carson, David L McEvoy and Craig D Crosbie of PPB Advisory, as administrators of the Company.