Mystery surrounds Chemeq changes
Nick Evans
Thursday, 26 April 2007
CHEMEQ is refusing to comment on its decision to send chief financial officer and company secretary Brian Mangano on gardening leave this week.
On Tuesday the company issued a terse statement to the Australian Stock Exchange saying only that Mangano had been sent off on indefinite paid leave and that Chemeq had appointed Andrew Gunst as joint company secretary in his absence.
Mangano joined Chemeq just over two years ago from engineering consulting and construction group VDM, only a month or two before current chief executive David Williams. He presided over the issue of the convertible notes to the current bondholders, and has been the company's chief financial officer through Chemeq's recent troubles.
The ASX said on Tuesday that Chemeq was under no obligation to disclose its reasoning behind the decision if it was not likely to have a material financial impact on the company.
Chemeq did not return calls for comment this week, and said through its public relations company that it would not be making any comment on the issue beyond its initial public statement.
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