Probuild’s parent company has finally commented on the construction firm’s demise, saying there were ‘red flags’ for years.
Chris Herde Glen Norris 3 min read March 3, 2022 - 7:03PM The Australian Business Network
Probuild’s parent company said in hindsight it would have pulled the pin earlier on the failed construction firm that went into administration owing $14m to workers and more to creditors.
South African parent company Wilson Bayly Holmes-Ovcon (WBHO) told an interim results presentation on Wednesday night in Johannesburg they had to take into account a number of factors including their exposure before calling in voluntary administrators.
However, WBHO chief executive Wolfgang Neff said in hindsight they would have exited Australia operations earlier as “red flags” were raised with the business sustaining mounting losses.
Last week administrators were appointed to Probuild after WBHO refused further financial support its troubled Australian arm.
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