Ann: Funds Availability Update, page-34

Only following the IGE story as an interested observer since ADIA, but this is the first I've heard of this as well. Was this $1.5M payment to SGC disclosed anywhere else before? They were pretty adamant that no funds were payable upfront to ADIA for the promise of future funding, so I assumed the same applied to the $90M. Apparently not.

IMO, it's a completely different story if this was a case where a relatively unknown overseas third party approached you offering to fund your $90M project only if you paid them A$2M upfront, rather than them paying you without receiving anything upfront. It makes the alternative hypothesis that the $90M funding promise isn't legitimate much more likely. Terrible situation for shareholders.