M&R plunges 21% as Australian subsidiary Clough is placed into voluntary administration
Murray & Roberts (M&R) has placed both Clough and M&R Pty Ltd (MRPL), an indirect wholly-owned subsidiary of the group and the group’s holding company in Australia, into business rescue. The problem stems from two disasters: Traveler in the US and Waitsia in Australia, with such large cost overruns in these projects that profit booked in previous financial years, need to be reversed.