Lapses found in Cedar Strategic's accounts after independent review

Millions of dollars were unaccounted for.

An independent review of real estate company Cedar Strategic's books showed that the Catalist-listed firm had displayed several lapses in corporate governance.

Lapses included investment deals where millions were left uncollected or unaccounted for, as well as occasions of overpayment to various people such as former executive directors and management.

The company said that it is actively looking into these issues, and has appointed various professionals, among them Drew & Napier and Yuan Tai, to look at various matters, including but not limited to taking legal actions or reporting the incidents to the relevant authorities.

Cedar Strategic remains suspended from trading.