Business Services Industry
ASIC acts in ARG doubts.
Australasian Business Intelligence, September, 2002
Sep 25, 2002 (The Age - ABIX via COMTEX)
The Australian Securities & Investments Commission (ASIC) is seeking to put receivers into Australian Rural Group (ARG). The corporate watchdog believes Australia's largest agricultural and aquaculture management company and its subsidiaries, including ARG Management and ARG Finance, is financially unstable and probably insolvent. Insolvency concerns surfaced in August 2002 following a report by accounting firm Deloitte Touche Tohmatsu, resulting in the suspension of ARG shares. On 25 September 2002, the New South Wales Supreme Court heard that ARG was unable to assure that it could pay its debts and would shortly breach its finance facility agreements.
Publication Date: 26 September 2002
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