1. The company made payments to Adrian Ballintine's yacht company totalling $342,000 and did not disclose them as related party disclosures.
It seems such a great idea to be spending the shareholders money of a company based in Melbourne on services provided by a yacht company based in Queensland. Ballintine is the owner and his son is CEO. Oh, look, Ellison even appears to be involved with the yacht company. All very cosy. Glad the shareholders are supporting this, no doubt, very worthy venture.
2. It appears that the company also made payments totalling $357,000 on behalf of Adrian Ballintine.
Rather odd when you look at the explanation. It says it was incorrectly accounted as an investment in the Jabiru project. The restatement of the accounts is interesting. What was classified as an investment has been restated as a receivable. So we have made payments on behalf of Adrian Ballintine that were charged to the project and now they are a receivable and owed to the company. Does this mean AB owes the money? Interesting accounting methods. I wonder why and how they were charged to the project in the first place?
NWT Price at posting:
28.0¢ Sentiment: None Disclosure: Held
