Not sure if Matthys is the one leading the action against Frank or whether he is simply a figurehead, however, QIN under Matthys, is suing Frank (which he is counter claiming) and Frank is suing Matthys and the other directors personally for defamation... I Think the only relationship that now exists is between their lawyers (who are probably doing very well for themselves). It seems pretty clear that what has led to this mess is the level of incompetence of the board and management in Frank's absence. The last 10 months of no plantation sales and discounted oil sales has proven as much. Frank said at the AGM that he offered his services to help the board and sales team achieve plantation sales and end market sales however the board rejected this offer. He also said the offer is still open. This interesting decision by the board to reject his assistance ultimately led to the company achieving 0 plantation sales for the first time in 20 years and has cost us all dearly. The actions taken by the board certainly don't suggest the board room was a playground for him and his "cronies" or that FW had any friends on the board. Or maybe he needs to get some better friends.
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Held
