“..Finance company Marac is to take a $2.5 million hit on an unauthorised business loan which was covered up for several years and was only revealed as the company improved its audit process late last year.
Marac’s chief investment officer, Craig Stephen, yesterday refused to comment on whether the discovery of the loan had anything to do with the temporary disappearance last week of the company’s chief risk officer, Grant Atkinson.
Mr Atkinson was found on Saturday in a dishevelled and slightly disoriented state outside cricket clubrooms in the Huapai Domain, northwest of Auckland.
He is understood to have been sleeping rough.
Marac said an internal audit of its lending had uncovered “an irregularity in relation to one particular business loan” dating back to 2003.
“The circumstances behind that irregularity have only recently been ascertained, but it involves lending that is outside the company’s internally prescribed practices..”
go to source/story>>Marac won’t say if hidden loan linked to runaway – Business – NZ Herald News
