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Top US Austal executive jumps ship after audit flags governance issues – Sydney Morning Herald

Shares in local shipbuilder Austal tanked following the resignation of its US president in the wake of an external investigation that uncovered problems with budgeting…

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The company made a series of bearish announcements to the ASX in the weeks that followed before downgrading its guidance to a loss of between $116 and $121 million on July 4, 2016.
Austal said in a statement on Tuesday that the combat ships cost more to construct than originally anticipated largely because of problems detected after completing the mandatory shock tests.
Austal said the external investigation it commissioned concluded the company had appropriately adjusted its revenue and profit…

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