FMA looking into Pyne Gould's accounts after company says most of 2014 profit wasn't received

Sun, 01 Feb 2015

By Jonathan Underhill Feb. 2 (BusinessDesk) - Pyne Gould Corp's 2014 accounts are being looked into by the Financial Markets Authority after the asset management firm controlled by managing director George Kerr recognised $22 million as profit, the bulk of earnings for the year, which it never received. The company reported profit of $26.6 million for the year ended June 30, 2014. Notes to its accounts, which were released more than a month late on Nov. 3 resulting in the shares being temporarily suspended, show that the profit was largel...

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