•   
  •   

World Freedom Foods accounting scandal worsens, as ASIC begins its investigation

09:35  01 december  2020
09:35  01 december  2020 Source:   msn.com

Why it pays to donate. Liberals come to the aid of troubled local shipbuilder

  Why it pays to donate. Liberals come to the aid of troubled local shipbuilder A new report illustrates the risks to Tasmanian taxpayers after Scott Morrison intervened in a key state decision — with a major Liberal-aligned company set to be the winner.That report was so serious it prompted what passes for the Commonwealth integrity body, the Australian Commission for Law Enforcement Integrity (ACLEI), to stir into action and launch a high-powered investigation into the relationship between Home Affairs officials and Austal, which desperately needed payments from the government.

Cereal and snack-maker Freedom Foods has announced half a billion dollars in write-downs It was explained that Freedom has incurred enormous costs building machinery to handle its new Freedom said that ASIC had formally requested documents from the company as part of its investigation , and

Last week the stock of San Francisco walnut company Diamond Foods (DMND) dropped nearly 40% after the company's CEO and CFO were dismissed after an internal review discovered accounting irregularities. In a statement released after the close of trading on Wednesday the.

text: Within Freedom's half a billion dollar write-down, $60m was for © Provided by ABC Business Within Freedom's half a billion dollar write-down, $60m was for "unsaleable" inventory. (Supplied: Freedom Foods)

Cereal and snack-maker Freedom Foods is being investigated by the corporate regulator ASIC for a series of "significant" accounting problems.

The beleaguered company has also revealed that its earnings would be hurt by $590 million in write-downs.

In a series of announcements made after the market had closed on Monday, the company said a profit of $11.6 million in the 2018-19 financial year had become a $145.8 million loss.

It said the loss widened in the past financial year to $174.5 million.

Kickstart your week with this healthy vegan meal plan recommended by a registered dietician

  Kickstart your week with this healthy vegan meal plan recommended by a registered dietician A healthy vegan diet should consist of nutrient-dense whole foods, like fresh fruits and vegetables, as well as plant-based proteins from foods like beans, nuts, and legumes. B12 and vitamin D are the most common nutritional deficiencies on a vegan diet, so it's important to make sure you're getting enough of these vitamins through fortified foods or supplements. Many studies show that vegan and plant-based eating can promote weight control, maintain healthy cholesterol levels, and help you live a longer, healthier life. Visit Insider's Health Reference library for more advice.

Google has declared war on the independent media and has begun blocking emails from NaturalNews from getting to our readers. We recommend GoodGopher.com as a free , uncensored email receiving service, or ProtonMail.com as a free , encrypted email send and receive service.

Dover has been under investigation by the Australian Securities and Investments Commission ( ASIC ) since last year. This was well before its owner Among other scandals involving the company, the royal commission heard that Mr McMaster threatened defamation proceedings after his client

Also, two of Freedom's board members — chairman Perry Gunner and non-executive director Trevor Allen — will retire in late January, close to its next annual general meeting.

Their departure will come just five months after former chief executive Rory Macleod, and then-chief financial officer Campbell Nicholas, were forced to quit.

In the wake of their removal, Michael Perich was appointed interim CEO; the Perich family are Australia's largest dairy farming family, and own 54 per cent of Freedom Foods.

Freedom shares have been suspended from trading since June.

The company's shares last traded at about $3, having peaked at $7 in September 2018.

Shareholders find news hard to chew

Freedom's board received a frosty reception from shareholders at a hastily convened webcast on Monday evening, following the news.

Mystery as missing businesswoman's WhatsApp account 'is accessed'

  Mystery as missing businesswoman's WhatsApp account 'is accessed' The Whatsapp account of a missing Sydney businesswoman has mysteriously been accessed at least twice since she disappeared from her $7million cliffside mansion. Mother-of-one Ms Caddick, 49, hasn't been seen since she disappeared from her Dover Heights home about 5.30am on November 12 - a fortnight ago. A friend of Ms Caddick's has revealed her WhatsApp account linked to her phone number updated to say it had been 'last seen' at 1.44pm on Tuesday this week.Before that, a 'last seen' alert popped up on the previous Thursday, at 10.02pm, according to screenshots supplied to Daily Mail Australia.

Dave Janda of Operation Freedom (www.DaveJanda.com) has unleashed a bombshell story with huge implications for Tuesday’s elections. This massive fraud left a trail of evidence so large that people began to notice. Manual recounts of selected ballots revealed the “glitch” had switch votes exclusively

Statistician Announces Investigation into Voter Fraud in AZ, GA, MI, NC, NV, PA, and WI. Twitter Bans Account That Shared Video of Man Claiming to Burn Trump Ballots After It Was Shared By Eric Trump.

Callers questioned company oversight and the scope of the $590 million write-down, of which $372.8 million is linked to asset values being slashed.

It was explained that Freedom has incurred enormous costs building machinery to handle its new product lines, but did not put it down as an "expense" in its books.

The company also wrote down its goodwill and brands by $75.9 million.

It also had to write down $60.1 million due to "out-of-date, unsaleable and obsolete inventory".

"These accounting treatments contributed to decisions on new products and expansions that were based on unrealistic assessments of market opportunities and margin assumptions that were not realised," Freedom said in a statement.

"As a result, too many group products were sold at prices that did not fully recover their costs."

'Good money after bad'

Mr Perich said it was a deeply disappointing set of results for Freedom Food Group, its people and its shareholders.

Lavish lifestyle of missing Dover Heights woman Melissa Caddick

  Lavish lifestyle of missing Dover Heights woman Melissa Caddick She's accused of misappropriating millions from her friends and associates, and prior to her sudden disappearance Melissa Caddick lived quite the lavish lifestyle.Daily Mail Australia can reveal the taste for the finer things in life that Melissa Caddick and her second husband Anthony Koletti shared before she suddenly disappeared from their cliffside mansion more than a fortnight ago.

Biggest business scandals in pictures. Quindell, the scandal -ridden insurance firm. Quindell was once a darling of AIM but its share price fell in April The supermarket’s former finance chief, managing director and food commercial head, are charged with fraud by abuse of position and false accounting .

Australian government sources told the ABC , the country's public broadcaster, that the resolution's language was Beijing has previously said it would only support an investigation held by the WHO, which has been accused of being overly influenced by China -- a charge top WHO officials refute.

"The results reflect the significant costs of past accounting and operational matters — matters we have identified with the assistance of independent experts and are taking steps to remedy," he said.

To fix its balance sheet, the company is asking shareholders to stump up $280 million through a capital raising.

The request didn't go down well during Monday's webcast.

"Why should I throw good money after bad?" asked one frustrated shareholder.

Mr Gunner said Freedom's problems were due to its "fast" pace of growth, and the board was keen to address those issues by simplifying the business.

Curiously, the company also decided to publish its updated "Securities Trading Policy" to the public on Monday.

The policy contained a section that bans insider trading, which is already illegal under Australian law.

Under its policy, "Restricted persons" (defined as employees) cannot deal in shares of the company if they have "inside information".

Nor can they buy or sell shares of Freedom during "closed trading periods".

Basically, they have to wait for at least one day after the company's results are announced to the ASX.

Aussie of Year demands diet rule overhaul

  Aussie of Year demands diet rule overhaul Australian of the Year Dr James Muecke wants a major overhaul of the country's dietary guidelines to discourage sugar and refined carb consumption.Dr James Muecke, an Adelaide-based eye surgeon, has throughout 2020 called for a crackdown on sugar in drinks and processed foods.

Further investigations

Alarm bells rang in March when it was discovered that some of Freedom's executives had been giving themselves extra payments, over several years, without authorisation from the board.

Mr Gunner said the company did not find out until after this had occurred.

"During the year ended 30 June 2020, the board identified matters regarding the operation and administration of the group's equity incentive plan (EIP)," the company's external auditor Deloitte wrote in its report.

"The matters included the granting of previously undisclosed employee share options and/or extension of the expiry date of share options by management between September 2014 and September 2019."

"Certain of these employee share options granted and/or extensions were not authorised ... by the board."

An audit by Deloitte and a forensic accounting investigation by PwC have discovered some "significant" accounting problems for the company, dating back a few years.

In addition to the internal probe, Freedom now has to contend with an external regulator in ASIC, which can wield its power in punitive ways.

Freedom said that ASIC had formally requested documents from the company as part of its investigation, and that it was cooperating with the regulator.

US adds Nigeria to blacklist on religious freedom .
The United States on Monday placed Nigeria for the first time on a religious freedom blacklist, pressing an ally as Christian groups voice growing insecurity. Secretary of State Mike Pompeo designated Nigeria as a "Country of Particular Concern" for religious freedom, the rare inclusion of a fellow democracy in the US effort to shame nations into action. "These annual designations show that when religious freedom is attacked, we will act,"Secretary of State Mike Pompeo designated Nigeria as a "Country of Particular Concern" for religious freedom, the rare inclusion of a fellow democracy in the US effort to shame nations into action.

usr: 26
This is interesting!