| Topic Name: |
Accounting Mess |
| Message Name: |
Slap on hand from ASIC |
| Date Posted: |
01/16/2006 |
| In Reply To: |
...in Australia. The former BE CEO in Australia is currently facing SEC equivalent charges in Australia for cooking the books.
Seems that the lack of controls is all over the place |
| Message: |
Morris's actions were clearly wrong, courts will decided just how wrong. He'll probably only get a (relatively) small fine as it was not for personal gain (apart from keeping his CEO KPI's alive) ... in saying that ..ASIC (Aus. Securities and Investment Committee) are looking for a juicy case to prosicute as they have been seen to let some high profile frauders off with light sentencing lately .. his actions were related to tenure from 2002 to late 2004 ...
Irony is he disappeared for about 3 months (after being sacked as BE CEO) and got a partner role in Australia at PA consulting ... suffice to say PA don't seem to understand the concepts around reputational/brand risk and due dilligence when it comes to recruitment :(
Many people who knew/suspected what was going on will be rubbing their hands with thoughts of vindacation (sp?) .... it's very unfortunate for those Aussies working very hard to rebuild a great business and brand. Good 'onya mates - but ya gotta stop hiring loser MD's and CEO's over there.
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