SCF accounts have always been a mish mash .... every year there has been adjsutments to prior years accounts - reclassifying stuff so nobody can track it through the years, things that don't always reconcile etc etc
Whats really amazing with the latest hoo hah about the valuation pref shares in SIFH is that the company was only formed in March land yet in June they can't work out a valuation. One would have hoped that the original tranasction was at some fair market value which became SCF cost but now it seems that this cost is not market value (after 3 months) ....... does this suggest that the deal in the first instance was not at fair market value then.
And i suspect that the new auditors were also involved in thsi peer review and it was not picked up .... not a good look
And i wonder what S&P are thinking now ... using the finally got out audited accounts to 'upgrade' their credit rating
I fear we will hear heaps more in this developing story
Shame the boys from The Viaduct keep picking on the poor southern country town boys isn't it