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LendLease (LLC) was in the news late last year, for all the wrong reasons. The company announced a $350m write-down in mid-November due to the underperformance of its engineering and services business.
The division is responsible for the management of major infrastructure projects such as the NorthConnex motorway tunnel in Northern Sydney and the new tunnels and stations for the Melbourne Metro.
The company blamed just about everything under the sun, pointing to ‘excessive wet weather, access issues and defective designs on other projects” as some of the items on a shopping list of reasons for the blowout.
The market didn’t like the announcement and...Continue Reading