Payments to City Tatts club boss?

Here is another gem from the Sydney Morning Herald articles about City Tattersalls Club.

“I have not taken money without the board knowing”

This is what Tony Guilfoyle said when questioned about the $200,000 that he owes to City Tatts. He also said that it was not a loan. Apparently Patrick Campion agreed with both of these statements.

Rather than give our opinion, maybe we should ask the auditors.

What KPMG say about the Guilfoyle loan

Here is what the auditors, KPMG, say:

  • KPMG say that the money was paid to Guilfoyle and that “this does not appear to have been formally approved by the Committee” !!
  • KPMG recommended that the amount owed by Guilfoyle be “approved by the Committee annually including appropriate terms for repayment”.
  • KPMG recommended that “the balance owing to the Club be disclosed in the notes to the financial statements”.

Is it just us or does that sound like a loan that was not approved by the Committee !

KPMG must go !

Now we come to the crux of the matter.

If Guilfoyle and Campion really believe what they say then KPMG must go !

Please understand that this is not our opinion – but it is the only logical opinion the Club could have. Just think about it. KPMG are paid $80,000 a year for the audit. And, according to Guilfoyle and Campion, KPMG are completely wrong in their view of the Guilfoyle loan. If they are so incompetent, on such a simple matter, then how could the Club continue to employ them as auditors?

City Tatts Information Desk

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