ANZIIF's 'decreasing revenues' scupper link-up
The CII's proposed merger with ANZIIF has been terminated after a number of "financial discrepancies" emerged in ANZIIF's accounts.
A statement from the CII said ANZIIF's revenues had been decreasing for two years in a row - information only released to the CII this week.
"CII Group has decided to terminate the proposed merger with the Australian professional body ANZIIF after a number of financial discrepancies have emerged in ANZIIF’s accounts," the statement said.
"It has become apparent that ANZIIF’s revenues are falling dramatically and it is potentially heading for a loss this year. This is the second year running ANZIIF will lose money.
"CII Group is deeply disappointed the ANZIIF management only disclosed this information this week. The CII now feels any merger with ANZIIF would be detrimental to its members’ long-term interests."