ASIC has just launched civil proceedings against PDY Chief...

ASIC has just launched civil proceedings against PDY Chief Executive for announcing a $6 billion funding deal with Alliance Super Holdings, because they failed to disclose business man Roland Bleyer (just Google this name to read some very interesting stories) was behind the deal and authenticate whether Alliance Super Holdings actually had the money to provide the funding.

If you recall FAS made a similar announcement on 5 June 2013 that it had secured funding for $260 million with Alliance Super Holdings. In fact that FAS announcement went further than PDY and said that funding was 'irrevocable' and 'Company debt free'.  Ultimately that deal never materialised as with PDY.


Sources:

http://www.fairstarresources.com/downloads/announcements/fas_20130605.pdf

http://www.canberratimes.com.au/bus...burys-botched-6b-oakajee-deal-20150624-ghw2s8