Village Roadshow managing director Graham Burke has told the Sydney Morning Herald (SMH) that Village Roadshow Ltd's (VRL) net loss is A$3.8m from a financial scam that saw nearly A$30m wrongly removed from company accounts in 1998 and 1999.
Burke was speaking on the eve of Andrew Ross Henry, former chief financial officer of VRL's US subsidiary, being sentenced for fraud and other offences to which he has pleaded guilty. This is due to occur on April 5.
Henry was arrested in March last year and has been in jail in Los Angeles since, having allegedly "lost" the money when trying to use dubious investment companies and his employer's funds to make profits for himself.
SMH reporter Ben Hills said VRL has filed 11 civil actions against various parties in Australia and the US but is also being counter-sued by one of those involved for A$20m.