Former LWP Technologies co-founder and chairman Siegfried Konig resigned from the struggling Brisbane energy outfit in July last year but allegedly kept using one of their AMEX cards, according to the latest annual report.
In a startling admission, the loss-making company has revealed it was not even aware of the credit card until a bill showed up in March for $69,140, including $18,497 in interest.
LWP, which has just $220,603 in the bank, said it had asked Konig to settle the debt.
“Should this not occur and LWP ultimately suffers a loss, then LWP will consider its rights and responsibilities, and whether the matter needs to be referred to the appropriate authorities,’’ the report says.
LWP suffered a near $845,000 loss last year and its shares have been suspended from trade for the past year.
Current directors have vowed to implement a restructure and recapitalisation, even as auditors continue to warn of a “material uncertainty’’ hanging over its prospects of survival.
Konig could not be reached for comment yesterday.
LWP Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
