Vic Forests: The aftermath

 

Vic Forests’ disaster brings to mind the familiar Hemingway quote: “How did you go bankrupt?"

“Two ways. Gradually, then suddenly.”

The 2021/22 bottom line of $54 million was followed by a $61 million loss in 2022/23, according to Vic Forests’ recently tabled Annual Report.

However a close reading of the financials reveals the picture was far worse.

STT admits accounting errors

 

This note is an addendum to the blog STT's forest valuation charade following the release of STT’s Annual Report for 2022/23 on 31^st October 2023.

STT has admitted making errors with its financial statement since 2010. It has restated prior year financials and provided an extensive note.