Elders Limited
(ASX:ELD) may call in the police over an alleged $24 million fraud by a handful of individuals in its live cattle exports division, according to media reports.
The agribusiness has revealed the findings of a forensic investigation that began in October over discrepancies in the accounting and valuations of its live cattle business.
Elders hired PPB Advisory and lawyers Herbert Smith Freehills to complete the investigation into overstatements in the 2012 financial year and first half of 2013.
The investigation was launched the same day Elders announced that seven senior employees from its live cattle business had resigned.
Ruralco, which has twice tried to merge with or take over Elders, employed the traders on October 1 to set up its own live cattle division.
Elders booked a net loss of $501.9 million in fiscal 2013.
