Financial blunders take sheen off pearl farmer

[KAC]

Arafura Pearls has uncovered a series of embarrassing financial errors in its half-year accounts, a month after they were approved by the board and external auditors.

Full Article: http://au.news.yahoo.com/thewest/bu...nancial-blunders-take-sheen-off-pearl-farmer/

 

[Ramona]

Pearl CDS anybody? I remember discussing their brilliant marketing to investors with Josh a while back. Josh1 that is.

 

[Ragnorak]

Pardon?

Pardon?

From the Article;

Arafura is the country's second-biggest producer of Australian South Sea pearls....

It looks like things haven't gotten any better at The West Australian newspaper.


From the company website;

Industry production is regulated by quota and Arafura now has access to the second largest quota holding in Australiaand the largest in the Northern Territory.

Despite the accounting mistake, if hey can make it work in the Northern Territory then good luck to them.

http://www.arafurapearls.com.au/content.asp?cID=4

 

[Ramona]

I actually found this link again over from the pearl professor site:

http://www.pearl-professor.com/2009/03/is-arafura-future-enron-of-pearls.html