Shares in Boom Logistics have declined following the disclosure that its former chief executive officer, Ben Pieyre, misused company funds. The lifting solutions and crane rental firm reported the misuse after initial internal inquiries were undertaken into Pieyre’s personal use of company credit cards and funds. Boom Logistics provides comprehensive lifting solutions and crane rental services across various industries. The company operates a large fleet of cranes and equipment, offering services such as heavy lifting, construction support, and maintenance solutions.
The company made the announcement via the Australian Securities Exchange (ASX), stating that Pieyre, who resigned in July, had misused less than $1 million. Boom Logistics clarified that it has already recovered $246,720 of the misappropriated funds. Further investigations are ongoing to determine the full extent of the misuse and to recover the remaining funds.
The internal inquiry began following Pieyre’s resignation announcement in July, prompted by initial concerns regarding his expenses. The company is taking steps to ensure proper financial controls are in place to prevent similar incidents from occurring in the future. Boom Logistics is working to finalise the investigation and take appropriate action based on the findings.
Boom Logistics shares fell by 2.6 per cent following the announcement, reflecting investor concerns about the financial misuse. The company’s focus remains on its core business operations and maintaining shareholder value as it addresses the fallout from the incident. The firm is committed to transparency and will provide further updates as the investigation progresses.
