Australian retailers who stock TEAC products are today questioning the long term future of the business after the Company reported a loss of $2.04M.
Questions are also being raised as to whether the Australian Securities and Investment Commission should question directors of the Australian operation, (TTA) about inter Company loans and the approval of these loans to a Company that is struggling with some major cash generating assets already placed into liquidation.
TEAC claim that they are a major partner of Harvey Norman, JB Hi-Fi and The Good Guys, Radio Rentals, Leading Age Group and Betta Electrical stores.
What is of concern is the appearance of a provision on the books of TTA Holdings of $1,848,000 million by a related entity Akira…
Read the full article at: https://www.channelnews.com.au/serious-questions-raised-over-teac-inter-company-loans-will-asic-investigate/