Ann: Update on Interim Accounts, page-34

The “worthlessness” of Morila and the almost overnight loss & writedown of the ~$200m investment has become the accepted truth here, whether it is worthless or not. Thanks to the passage of time, a long lack of transparency & proper disclosure, and consistent/persistent repetition using words like “nominal consideration” and “loss of control”. Text book brainwashing technique imo. Yet to this day none of us really know if the “accepted truth” is true at all. It’s just some words that have been seeded with no substantive explanation to back it up.

Just imagine if every one of us could simply use “lack of access to reliable current production information” as a reason to writedown the entire value of an investment to zero.

For example, if BHP’s Olympic Dam site was suddenly cut off from the rest of South Australia by a ring of fire, melting computer equipment, destroying backups and severing all communications channels, and making physical site access there impossible for anyone other than the workforce already on the ground, I wonder if BHP’s auditors would allow them to simply writedown the value of the asset to zero six months later and offload it all for a buck.