In a statement to the ASX, Clive Peeters stated, a staff member had falsified entries in payroll accounts and transferred cash out of the business, allegedly worth $20 million, into a personal bank account to buy and sell real estate.
The discrepancies were discovered on the 30 July as a consequence, the retailer requested a trading halt on the ASX after discovering the discrepancies.
Clive Peeters has started proceedings to transfer the properties obtained by the staff member, into its name, which the retailer believes will strengthen its "cash reserves".
The retailer's suspension from trading on the ASX remains in place and will do so until the matter is fully investigated.
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