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Boom Logistics (ASX:BOL) has revealed something of a scandal on its books: after firings its CEO abruptly in late August, Boom has further issued an update to shareholders on what the nature of that abrupt firing was. Turns out former CEO Ben Pieyre, according to Boom, had been misusing corporate credit cards and ‘company funds’ to the tune of <$1M.
So far, the company reckons it’s recovered a quarter of a million back from Pieyre, and it further elaborated the incidents were “historical.” If late August is historical, well, sometimes the market feels to move that quickly.
“Further and more extensive investigations have been and are being undertaken to determine the full extent of Mr Pieyre’s misuse of his Company credit card and Company funds,” Thursday’s announcement – signed off by the company’s Secretary – read.
The shareholder reaction has been fairly absent for the illiquid company. Shares were down -2.6% in the second hour of trade, but according to public data available on Market Index, share turnover was no more than … $150.00. Make of that what you will.
BOL last traded at $1.32/sh.
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