Approving the purchase of an asset for $350m, agreeing to high...

Approving the purchase of an asset for $350m, agreeing to high risk contracts all in the sellers favor associated with that purchase, spending another $200m on expanding facilities to cater for that purchase, then closing that asset two years later and writing the asset down to zero while continuing to pay hundreds of millions for two years post closure as a result of the high risk contracts certainly has a bad smell about it.

Those that we know of who benefited from that SI purchase were WPG directors, WPG shareholders, WPG contractors, Arrium lenders, Leighton and others who expanded the Port facilities, many other Arrium consultants, suppliers and contractors.

Whether Arrium employees or executives benefitted personally we don't know at this point, all those forensic accountants being promoted around the place may find the answers.

What we do know is that Arrium shareholders didn't benefit one bit and at this point those responsible apart from Naomi James losing her position have not been held accountable. Roberts got punted but he wasn't involved in the purchase of SI, he promoted the strategic review so had to go for that smoke and mirrors stupidity. Some of the guilty have moved on, others are still there leeching cash from the Arrium treasury as though they're entitled to it.