Underam bowling by Centro bosses
Centro chiefs caught out on loans
The Federal Court in Australia has found that executives and directors of troubled property group Centro failed to disclose billions of dollars of short term loans.
Signing off the loans was a breach of the Corporations Act, the court ruled.
The Australian funds manager last year suspended dividends and announced a sale programme for its retail assets.
In New Zealand they included Kelson and Porirua shopping centres. Within the past two years Centro sold Barrington in Christchurch and Meadowlands in Auckland.
Centro was just one of several Australian funds, such as Brookfield Multiplex, forced to offload commercial properties in New Zealand at discounted prices following a buying spree that concluded with the 2008 market crash.
Chris Hutching
Mon, 27 Jun 2011
Mon, 27 Jun 2011
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Underam bowling by Centro bosses
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