Ann: Update on Going Concern Status, page-42

From Bard: AI Not always 100% correct of course.
China seems to be the big $ hurdle
How much harm could pet cause.?

As of August 21, 2023, there have been no public announcements of any penalties or fines imposed on Phoslock Environmental Technologies Limited (PET) in relation to the spillage of its phoslock product in China in 2021. However, the company has acknowledged that it is at risk of being fined by regulatory authorities in China and Australia.

In July 2022, PET reached an agreement with the Australian Federal Police (AFP) to pay AUD $517,000 in penalties and costs related to the spillage. The agreement also included a deferred prosecution agreement, which means that PET will not be prosecuted for the offences if it complies with certain conditions.

The AFP investigation found that PET had engaged in corrupt practices in China in order to secure a contract for the use of its phoslock product. The spillage occurred when the product was being transported to the project site.

PET is still under investigation by the Australian Securities and Investments Commission (ASIC). ASIC is looking into whether PET breached any financial regulations in relation to the spillage.

It is possible that PET could be fined by the Chinese authorities for the spillage. The maximum penalty for environmental pollution in China is 100 million yuan (about AUD $17 million).

PET could also be fined by the Australian authorities. The maximum penalty for environmental pollution in Australia is AUD $1 million.

The company has said that it is committed to cooperating with the investigations and that it will take all necessary steps to address any wrongdoing.

It is possible that PET could face further penalties or fines in the future. The investigations are ongoing and the company has not yet been found guilty of any wrongdoing.