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Berkshire Hathaway Specialty Insurance
Berkshire Hathaway Specialty Insurance

Canberra misconduct probe: AUB marks down $4.6 million

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AUB Group says it has completed an investigation into alleged financial misconduct at its subsidiary Austbrokers Canberra – but a police probe continues.

As reported by last year, Austbrokers Canberra MD Greg Johnston was “removed” by AUB after the alleged misconduct was discovered.

In a note to the Australian Securities Exchange, AUB says its investigation is complete and remediation is in its “final stages”.

It says the impact of the matter on full year statutory net profit after tax is $4.6 million.

“While recovery proceedings continue against certain parties, AUB Group does not expect any further negative impacts of the matter on the results of future periods,” it says.

AUB Group will report its full year results on August 20, with adjusted net profit after tax expected to be in the range of 3-5% growth.

ACT Police told that no charges have been laid in relation to the Canberra issue.

“The investigation into this matter remains ongoing so we are unable to provide further comment,” a spokesman said.

The Australian Securities and Investments Commission says it is unable to comment on whether it is investigating the matter.