Freedom Foods accounting scandal worsens, as ASIC begins its investigation

Cereal and snack-maker Freedom Foods is being investigated by the corporate regulator ASIC for a series of “significant” accounting problems.

The beleaguered company has also revealed that its earnings would be hurt by $590 million in write-downs.

In a series of announcements made after the market had closed on Monday, the company said a profit of $11.6 million in the 2018-19 financial year had become a $145.8 million loss.

It said…