Dick Smith receiver sends referral to ASIC

Srutiny over accelerated company failure.

Ferrier Hodgson, Dick Smith receiver is believed to be in contact with ASIC regarding the extraordinary circumstances surrounding the rapid failure of the company, according to Fairfax Media. ASIC is also believed to have a large team working on its investigation.

 

ASIC

According to smh.com.au, ASIC has not yet received a report from the administrator, McGrath Nicol, although sources close to the failed retailer claim the watchdog has already contacted a number of key parties to further comprehend the issues that led to the collapse.

It was only in August last year, that Dick Smith CEO Nick Aboud forecasted that full year net profit for 2015-16 would increase to between $45 million and $48 million. However, by the second week of January this year, the company was in receivership.

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