Downer investigates possible fraud in unprofitable maintenance contract

Downer investigates possible fraud in unprofitable maintenance contract
CEO Grant Fenn said Downer was investigating the possibility of fraud. (Photo: Downer)
Dan Brunskill
Downer EDI shed more than a fifth of its value yesterday after reporting it overstated earnings by as much as A$40 million (NZ$42.2m) over the past four years.The Australian stock exchange-listed (ASX) shares, which are also listed on the New Zealand stock exchange (NZX) but rarely trade there, sank 22% to A$3.76, valuing the engineering and civil construction firm at A$3.22 billion.Chief executive Grant Fenn said the Australian company was investigating whether the accounting irregularities met the legal definition of fraud.The contract manage...

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