A stoush over the future of a major childcare company has descended into acrimony as Liberal Party stalwart Michael Kroger pushes to oust enemy board members in an extraordinary shareholder meeting on Tuesday.is embroiled in a battle for control over the $52 million Mayfield Childcare – of which he and his son were previously two of the biggest shareholders – fuelled by a contentious deal three years ago and the alleged embezzlement of $1 million by the company’s former boss.
An internal investigation and a KordaMentha audit alleged the former executive was doctoring invoices and charging Mayfield for personal business. The share price slumped in the immediate aftermath of the 2021 announcement but recovered to a record $1.48 within six months and barely moved after last year’s deal. However, the company’s stocks have been falling since January 2023. Mayfield was contacted for comment.Kroger’s firm also claimed the current majority owners failed to finalise deals to sell Mayfield at a healthy price. On Monday, Mayfield was trading at 0.79 cents. It rejected an offer of $1.