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ASIC probes Slater and Gordon again

AAP logoAAP 20/12/2016 Trevor Chappell

The corporate watchdog is again probing embattled law firm Slater and Gordon, this time investigating the possible falsification of financial records.

ASIC has issued notices to Slater and Gordon requesting it produce documents for the period between December 1, 2014 and September 29, 2015.

"The ASIC investigation seeks to determine whether those financial records and accounts were deliberately falsified or manipulated and whether the company or any of its officers have committed offences," Slater and Gordon said in a statement.

"ASIC has stated that these notices should not be construed as an indication by ASIC that a contravention of the law has occurred and nor should they be considered a reflection upon any person or entity."

Slater and Gordon said it will fully co-operate with ASIC so the investigation can be completed as soon as possible.

In February 2016, ASIC discontinued a review of Slater and Gordon's financial reports for the 2013/14 and 2014/15 financial years.

That review looked into issues including the recoverable amount of goodwill attributable to Slater and Gordon's Australian and UK businesses and the recognition of fee revenue and related work-in-progress.

Slater and Gordon made a $1.02 billion in the 2015/16 financial year, mainly due to massive writedowns in its UK operations following its acquisition of Quindell's professional services division in March 2015.

Shares in Slater and Gordon dropped two cents, or 7.6 per cent, to 24.5 cents, well down on its levels before the Quindell purchase above $7.00 .

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