management performance, page-3

maxi68

Sorry to throw water on your last post but the dam failure WAS in their control and not an Act of God (hail, rain, cyclone or earthquake). RED already admitted the negligence at the GM, AGM and in the following quote from their quarterly:

“After a lengthy process of deliberation and enquiry, the full panel of reinsurers accepted liability, post the end of the quarter. The cause of the failure, being the inadvertent closure of the under drainage valves for a three week period, which in turn led to a build-up in pore water pressure causing a circular failure in the embankment, was determined to be an insurable event. With an admission of liability the Company is now working with a forensic accounting firm to verify the quantum of the loss.” RED September 2013 Quarterly 31/10/13

The negligence is now part of confirmed history. Fully documented.