Lets not forget that this was a transaction done by Campbell without Board approval; that it was retrospectively approved despite the fact a previous dealing with Knowlton(Nerdlihc) had seen AJL under Campbell "write off" some $14 million in an opaque deal involving some dodgy pipeline deal in WA that surprisingly also did not eventuate...a pipeline before drilling in the Canning had proved a resource needing transportation..!
Due diligence???
Around this same time,the long-promised "special-dividend" from the sale of Sydney Gas and Gloucester project to AGL, did not eventuate. Instead the highly questionable siphoning of these funds ($80 000 000+) to the Monument Project occurred. And was not disclosed until much later!...once the sp had inexplicably declined
Also around this time those officers of AJL that were in a position to question or prevent this travesty, found themselves showered with ridiculously large cash bonuses...Campbell some $6.5 million; Nicholas Swan (THE COMPANY SECRETARY!!) picked up a cool $2.5 million, on top of a healthy salary.(Now at NVT by the way...)
Was Monument ever the main deal??
Would particularly like to know who the investors are that contributed funds to Kerogen initially. Unlikely that Kerogen would divulge that information given their structure.
Would be particularly irksome however if Campbell was an Kerogen investor, or if any of the Monument money found its way to the Cayman Islands & the funds managed by Kerogen...
Direct line to Wikileaks anyone?
Raving
AJL Price at posting:
26.0¢ Sentiment: Hold Disclosure: Held
