comments made about them are mostly on point. They control the company and joint venture
decisions to employee children rest with the parent
this is corporate, not a family business. Children would have influenced decisions on site, including employing 190 inexperienced job seekers who received training, not started on the tools after a short induction
they've now received training and ready to be employed by RIO thanks to our empowerment of the salta, my shares feel amazing, it eases the pain of losing so much, at least i know ive helped Rio advance their project with partially trained staff
decisions not to raise credit in a hot market when you are entrusted to have the foresight of a lower price rests with the director, poor decisions poor timing, thats what a director does, strikes when he's meant to, not when he has to, there is a difference.
2 people, JZ and Pablo, have control over all decisions and were entrusted to make the correct decisions at the right time. That's proper management and duties of directors
design, engineering, mechanical, chemical, and construction rested with Pablo, if salta was not the place to design, then he should have engaged a professionals, we paid the JV, the funds could been better applied to the plant and not empowerment
Pablo employing his children in management roles was not in the best interest of the joint venture but personally given the familial relationship,
what did his children do to advance the project? attend meetings and say what? they should have sought outside help not internally, as I've said. Family is great for a restaurant, but not if your majority partner is an ASX listed company
imagine if Telsta/BHP boss employed his daughter or son to management, that would raise a few eyebrows in Australia, yet it was permitted and enabled by JZ in Salta
management should have been headhunted conditional upon experience and qualifications, not how well one parts their hair or who their father is
employing children and allowing their continued employment and influence, including procurement, rests with JZ and Pablo
paying funds to the JV for all of the above was a major failure, which should not be repeated,
had proper decisions been made at the right times we would have raised at a higher price and at a grearter value, not $7,5m for 5%, should have been $50,000,000 for 5% but our director didnt believe it was in the best interest of shareholders and now we hibernate
imagine $40,000,000 in the bank now, plant would have been operational with experts onsite, not 15 huddled looking at a switchboard (which we now know was not plugged in) being trained at an operational plant as was presented to us in an announcement, smoke and mirrors i.e. misleading and deceptive
Expand
(20min delay)