A lot of explaining to do at Centro

Centro may face legal action from the corporate regulator after it was found that the company had failed to properly disclose debt worth $1.097 billion. The troubled property group could also be chased by investors who bought shares between the release of Centro's full-year accounts on August 9 and the corrected version being made available on September 6. The ASX has already asked Centro why the debt refinancing problems that wiped $5 billion of its value early this week were not disclosed earlier. The company said that it had been discussing alternative commercial finance options from October to early December and had believed until late last week that it would be able to make refinancing arrangements.

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