Hastie Group collapsed in 2012; ex-CFO of subsidiary sentenced over falsified books
Hastie Group Ltd (Hastie Services Pty Ltd) · Engineering and building services (ASX-listed)
The case in brief
Visible before detection
Checks that could have surfaced it, on hindsight
Books edit log
A books edit log would show entries made to close the gap between forecast and actual EBIT.
Can mislead when: Logs can be disabled at database level (auditors qualified this in year one) or tampered with on export. Kubr needs the company to cooperate.
Operating-metric verification
Branch-level work-in-progress checks would show the Western Australia position was worse than reported.
Can mislead when: Contract staff do not appear in EPFO. Vahan access needs licensed APIs. Some businesses have no physical trace.
Third-party confirmation
Direct confirmation from customers and bankers would test the figures the auditor was given.
Can mislead when: Counterparties can collude or ignore requests. A non-response is logged as a gap, never as a pass.
Unit economics & burn
Unit economics by branch would show the loss-making Western Australia work.
Can mislead when: Cost allocation is a judgement call. Kubr shows its assumptions and lets the user change them.
Where Kubr services would have helped
Financial diligence
Offered in India- C9 Unit economics by branch would show the loss-making Western Australia work.
- C10 Branch-level work-in-progress checks would show the Western Australia position was worse than reported.
- C12 A books edit log would show entries made to close the gap between forecast and actual EBIT.
Valuation context
Offered in India- C9 Unit economics by branch would show the loss-making Western Australia work.
Model check
Offered in India- C9 Unit economics by branch would show the loss-making Western Australia work.
- C10 Branch-level work-in-progress checks would show the Western Australia position was worse than reported.
Portfolio monitor
Offered in India- C10 Branch-level work-in-progress checks would show the Western Australia position was worse than reported.
Mapped from the checks each service runs. A hindsight reading of public records, not a promise that the failure would have been found.
Same pattern
A summary of public documents. It reports what the sources say. It is not Kubr's finding and not a statement of guilt.