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  • The Feltex Debacle: New Zealand’s Enron? – by Sue Newberry

    Sue Newberry is Associate Professor of Accounting at the University of Sydney, and a member of the New Zealand Institute of Chartered Accountants.

    The collapse into receivership of Feltex Carpets Ltd continues to produce waves of concern [in New Zealand]. Shareholders have commenced a class action against its directors; there have beenĀ Securities Commission investigations. This December 2007 article gathers evidence that the Securities Commission has not adequately scrutinised the behaviour of Feltex or its auditors; that Feltex was misleading in reporting its financial situation to its current and prospective shareholders at crucial times; and questions the quality of the work of its auditor, Ernst and Young.

    External Link: http://www.scoop.co.nz/stories/BU0712/S00076/the-feltex-debacle-new-zealands-enron.htm
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