Business Services Industry
Troubles mount for car group.
Australasian Business Intelligence, February, 2006
Byline: George Lekakis
Feb 13, 2006 (The Mercury - ABIX via COMTEX) -- Westpac Banking has appointed Ferrier Hodgson & Company as receiver for Auto Group. The Australian automotive auction group's loans and other interest-related debts doubled to $A61.7m in 2004-05, and Westpac is believed to be owed around $A35m. GE Capital
Australia is also exposed to Auto Group, which recently announced it is likely to report a loss in excess of $A15m for the first half of 2005-06. The company has indicated that the diminished result is partly associated with fraudulent and unauthorised transactions totalling $A1.4m.
Publication Date: 14 February 2006
AUTO GROUP LIMITED -...
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