Challenger forced to seek independent property valuation
TheChallenger Internationalgroup has been forced by its auditor to seek an independent assessment of the methodology used to determine the value of its property assets.
Challenger said in a statement today the assessment would be used to satisfy requirements set out by auditors before it lodges its annual financial statements for the year ending 30 June, 2002.
The group says it has obtained a one week extension from the Australian Securities and Investments Commission (ASIC) to submit its financial statements.
A spokesperson for ASIC said today the extension would allow Challenger to obtain the independent assessment and disclose to the market that it had sought an independent assessment.
“Given the importance of the valuation of the capital and income units to the financial performance of the group as a whole, ASIC thought that it was important that it was disclosed to the market that Challenger had commissioned an independent valuation as a requirement of the auditor,” an ASIC spokesperson says.
Challenger says an international investment bank will conduct the assessment.
Earlier this month, Challenger reported that its property portfolio was worth in the vicinity of $2.47 billion.
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