Clive Peeters Brags As Vic Police Fail To Charge $20M Payroll Bandit

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Victorian Police have still not charged the former payroll manager of retailer Clive Peeters despite Clive Peeters management and their lawyers cutting a deal with the woman to hand over $20 million dollars worth of property which they claim was purchased with funds stolen from the retailer.

The slow response by the Victorian Police to charge Sonia Causer has not been explained. However the Chairman of the Melbourne based retailer Brian Pollack has praised his management team at Clive Peeters, for their actions in getting the property assets back.

In the Company’s Annual report he said “Clive Peeters looks forward to receiving the material cash injections from the sell down of the assets which were bought by the employee out of the cash misappropriations, and to a return to profitability and growth over FY 2010 and beyond”.

He added “The 2007/2008 financial year was notable for its fluctuating fortunes with the first eight months performing strongly, only for trading over the remainder of the year to slow sharply. At the time we attributed that slowdown in the latter part of the year solely to the worsening retail conditions”.

In an effort to excuse Clive Peeters poor performance he said “To us all that there were mitigating circumstances for our Company’s underperformance, and that the major cash misappropriations over FY 2008 and FY 2009, only discovered in August 2009, have been the major cause of the Company’s profit decline over this year, and in the latter part of FY 2008. It is distressing that the business has been put under unnecessary strain at every level of its operations over the last two years because of these misappropriation events”.

 

He went on to say “Without this financial shock, I am confident our Company would have at least matched industry growth over FY 2009, as it has a strong track record of doing. The success that the Company has achieved in speedily recovering the properties acquired with misappropriated funds, and retrieving the most challenging of situations since the discovery of the cash misappropriations, is a lesson in never giving up, and proves that the fighting spirit of Clive Peeters is alive and well”.

Pollock failed to explain why the woman has not been charged nor does he call for the former payroll manager to be charged despite their being speculation that a deal was cut with Causer in an effort to get the $20 million dollars worth of property handed over.

 

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