First National has strongly hit back at accusations of poor management, manipulation of the company's accounts, and undisclosed deals with related parties. 

Over recent months, a group of former agents has been calling for a forensic audit of the company's books, which the company has not agreed to. The matter was reported in The Age yesterday.

Chairman David Nitschke has today written to members to state that media reports of financial mismanagement, conflicts of interest, and unscrupulous accounting are false, and has urged them to "remain vigilant against those who have set themselves to destroy us."

First National is one of Australia's largest real estate companies and promotes itself as Australia's 'most advanced real estate network.' It is led by former Melbourne Football Club boss, Ray Ellis.

The company's former finance manager has admitted that he was 'required' by Ellis in 2011 to 'overcapitalise the balance sheet by manufacturing figures.'

Nitschke's letter states the business is in good shape, and there have been no "undisclosed conflicts or dodgy deals."

He writes Ellis has the "absolute and unqualified support of the board."

"We must stop interacting with disaffected former members and employees who have no interest who have no investment or interest in our success. We must focus on the future and not wallow in the past," writes Nitschke.