Further more,
"Lend Lease is suing Sugar Australia for $67 million for breach of contract over a sugar refinery, claiming the contractor suffered cost blowouts after the sugar company stopped it from fulfilling its terms of the contract.Lend Lease says the $42 million sugar refinery contract it signed in 2007 to design, build, test and commission in Melbourne’s Yarraville ended up costing it almost $106 million because of the behaviour of the sugar company’s project manager.While the two sides are understood to be close to negotiating an outcome that would settle the matter between them, the contractor this week filed a writ in the Victorian Supreme Court to prevent its erstwhile client from taking $4 million in bank guarantees Lend Lease put up at the start of the contract.Sugar Australia last week filed formal notice that it was planning to call upon the guarantees.Lend Lease wants to stop the sugar company from doing so while its larger claim is unresolved.“Sugar Australia Pty Limited and Lend Lease Services Pty Limited have been engaged in discussions regarding outstanding claims associated with the construction of a sugar refinery at Yarraville," a Lend Lease spokeswoman said on Wednesday.“The proceedings initiated with the Supreme Court of Victoria relate to an injunction application by Lend Lease Services to restrain Sugar Australia Pty Limited from calling upon two bank guarantees issued in respect of this project for $4.19 million."Argument over the guarantees will be heard on August 29.Lend Lease, which terminated the contract in 2011, says the sugar company owes it unpaid progress payments, balance of contract earned sum, delay costs, unpaid variations, reversal of negative variations and delay costs worth a total $17.9 million.It has to date received payments from Sugar Australia to the tune of $38.6 million.The delays and extra costs were a consequence of the behaviour of the sugar company’s representative project manager Nickolas Karantzis , who made it impossible, according to Lend Lease’s writ.“By his conduct, Mr Karantzis prevented Lend Lease from completing its works under the contract," the writ says. “In breach of the contract, Sugar Australia failed to ensure that Mr Karantzis fulfilled all aspects of his role and functions reasonably and in good faith."Sugar Australia, owned jointly by miller Mackay Sugar and Singapore-based Wilmar International, declined to comment."
On another note, the ASX done the right thing to suspend ISX considering index funds were about to begin positioning, which would have provided the liquidity for the BVI company holding njk performance shares, but also the corporate guidance fell short of typical asx300 companies as identified during independant audit.
So, I just can't figure out how an ac130 can solve a soccer clubs 30m debt.
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