Problems with Fletcher Building subsidiary Iplex will cost the company A$1.8 billion (NZ$1.9b) to remediate, one of Western Australia’s biggest home builders claims.
However, Fletcher says the figures produced by Australian firm BGC are “designed to be inflammatory”.
NZX-listed Fletcher has been in a trading halt since lunchtime today after BusinessDesk asked questions about the Iplex pipe problem. BGC’s independent experts say the problem is the pipe itself, and not its installation, as Fletcher continues to claim. Fletcher has provisioned A$15 million and today reaffirmed that figure.
