-
Source: ONE News
Finance company Marac says it has found a loan "irregularity" following an internal audit and will make a provision of $2.5 million after tax.
The company, which is owned by Pyne Gould Corporation, says the loan dated back to 2003 but was only picked up now as a result of a new auditing process introduced in October last year.
Marac says personal gain does not appear to be a part of the circumstances of the irregularity.
"However, evidence points to the unauthorised lending having been suppressed," the company said in a statement to the NZX.
The irregularity will be accounted for in Marac's half-year results due at the end of February.
Marac believes it will still meet its full-year forecast.
Advertisement
