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UncleKev

Oz Company Profits From Alleged Staff Theft

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Unreal, this greedy bitch (allegedly) nearly drove her employer bankrupt by siphoning off money for her own property investment !!!!!!!!!!!!!!

http://www.news.com.au/business/story/0,27...299-462,00.html

  • Senior accountant accused of theft
  • She allegedly used money to buy houses
  • Her company now has access to the profits

IN her own strange way Sonia Causer could be employee of the month.

The senior accountant is accused of siphoning millions of dollars by fiddling the books of her employer, whitegoods giant Clive Peeters.

But she invested it in 40 homes worth almost $20 million around the country and now has given the company an unexpected cash boost when it was needed most - right in the middle of the global financial crisis, The Australian reports.

The retailer was trying to raise cash to pay off its debts, but now it does not have to worry.

"Now, ironically, we will get our own money to do just that," said Clive Peeters managing director Greg Smith.

"It's the silver lining. Fortunately, the money that was misappropriated was invested."

The company went to the Victorian Supreme Court last week to freeze the assets of Ms Causer, her husband and their two companies, and to organise the transfer of the properties back into the company fold.

Given the buoyant property market, Mr Smith is hoping to get even more from the various houses in Queensland, Tasmania and Victoria than Ms Causer paid for them over the past two years.

Clive Peters alleges in Supreme Court documents that Ms Causer stole millions of dollars by diverting money destined for the Australian Taxation Office and other banks to her own accounts.

The mother of three allegedly did this by altering the online details after she had printed out hard copies of the original correct transactions.

An annual audit last month picked up a discrepancy in the books but it was originally thought to be a computer error.

In his affidavit tendered to the Supreme Court, Mr Smith says Ms Causer agreed to sign land transfers for 40 properties she owned.

Property and bank searches by lawyers for Clive Peeters discovered Ms Causer owned 33 properties worth $15 million and her company owned another 10 worth more than $4 million.

Ms Causer had bought and sold a further 15 properties, was planning to buy another two, and was in the process of selling an additional three.

Mr Smith said yesterday that Ms Causer's co-operation was appreciated by the company and it expected to recover all the money originally lost.

"I think she valued her company in some strange way," he said of her confession and co-operation.

Ms Causer has been suspended indefinitely without pay.

Read more in The Australian.

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