Superwoman struggles under management mishaps
Troubled financial services company Superwoman Group has recorded a loss of more than $5.8 million for the financial year ending 30 June 2010, which the company attributed to “poor management of the former senior management during the year until 17 May, 2010.”
In a statement to the Australian Securities Exchange, the company said annual results were “disappointing”.
“The board who were appointed on 17 May, 2010 immediately instigated actions to streamline the events management business and prevent further losses of the company,” the group said.
Superwoman’s board underwent a reshuffle earlier this year, following an internal review regarding an incorrectly reported related party loan to FIMA Ltd.
The review also resulted in the resignation of its former executive chairman and executive director, Colin Grant, and former chief executive officer, David Ross, against who the current board launched legal action.
Grant’s father and wife control FIMA, which received a loan from Superwoman amounting to more than $500,000.
Superwoman added its management continues to reorganise the balance sheet including discussions with creditors regarding their claims against the company and other contractual obligations committed by the former senior management.
AUTHOR
Milana Pokrajac
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