Business
Class action alleges CIMIC misled investors on cash flow – The Australian Financial Review
A new lawsuit against the construction giant claims it deceived investors by not disclosing its use of controversial financing techniques.
“CIMICs reported earnings were largely a result of cash generated from the receipt of factoring, not a result of cash generated from operating activities,” the lawsuit says.
Ratings agencies have urged companies using factoring to disclose that it is a liquidity risk.
The lawsuit also alleges that CIMIC knew from July 2018 that legacy receiveables in its Middle Eastern joint venture, known as BIC Contracting (BICC), were “critically degraded” and that there was an escalating risk they would no…
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