Boral (ASX:BLD) confirms financial irregularities - Sequoia Direct Pty Ltd

10FebFebruary 10, 2020

Boral (ASX:BLD) confirms financial irregularities

Boral (ASX:BLD) has completed the investigation into their North American windows business after identifying financial irregularities.

The investigation determined that finance personnel within the Windows business manipulated accounts and financial statements primarily to artificially inflate the overall profitability and health of the Windows business.

The misconduct occurred over an approximately 20-month period to the end of October 2019.

Historic pre-tax earnings will be reduced by US$22.6 million, of which US$18.8 million relates to FY2019 and US$3.8 million relates to FY2018.

Shares in Boral (ASX:BLD) are trading 10.1 per cent lower at $4.63.

Copyright 2020 – Finance News Network

Source: Finance News Network

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