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Hastie exit 'completely mismanaged'

A DRAFT report into the collapse of the Hastie Group's Middle East operations says a proposal made last year for a "managed wind-down" was ignored.

According to the report, the accounting firm Deloitte recommended a "controlled closure", and warned that employee dismissal issues needed to be considered.

The review - conducted by remaining Hastie managers on the ground - slams the Hastie board for mishandling the company's exit which has left a thousand local labouring staff without entitlements.

The executive summary obtained by AM reveals that Hastie appointed Deloitte to provide proposals on reducing its exposure in the Middle East well before the group's 44 companies collapsed in May.

Deloitte told the Hastie board on August 17 last year that there was an opportunity to exit the Middle East and to ensure employee matters were handled appropriately.

Read the full report at ABC news online.

Topics:  hastie group middle east


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