Could Anthony Roberts's alleged deliberate and malicious attempt to link Metgasco to ICAC have the same effect as to NuCoal?
What a disaster and embarrasement for the NSW Liberal Government IMO, if up to a Billion dollars compenssation just for NuCoal alone. No doube MEL will be watching the development as it unfolds before the High Court.
=======================================================================================
Coal group NuCoal to test state authority
- by:ANTHONY KLAN
- From:The Australian
- June 27, 201412:00AM Reporter-Investigations Unit Sydney
THE authority of the states to confiscate assets without due process will be tested in the High Court by coal group NuCoal after the NSW government scrapped coal licences it held worth more than $100 million.
In January, the state government cancelled rights, without compensation, to coal tenements owned by NuCoal and also by miner Cascade Coal after corrupt former Labor powerbroker Eddie Obeid was found to own land above the tenements and to also have held a secret stake in Cascade Coal.
NuCoal’s operations are not connected to Cascade Coal and each hold separate tenements in the Bylong Valley, northwest of Sydney.
The landmark case will test the ability of the states to remove property without due process. The federal government is prevented from doing this under the Constitution, but the states are not.
In documents lodged with the High Court,the listed NuCoal will argue that the NSW government confiscated its property — the licences — without “due process” and had failed in its obligation to retain separation of powers.
NuCoal will argue the government had acted as “judge and jury” in deciding the licences were corruptly granted and by rescinding the licences.
If the NSW government loses the case it could be forced to pay damages of $1 billion or more.
Lawyer Michael Mills, who is representing NuCoal in the action, said the case was a matter of sovereign risk and would be closely watched by international investors.
“Like most Australians, I work on the basis the government can’t take my assets from me without due process,” he said. “But it turns out while the commonwealth government can’t do that under the Constitution, the states can.’’
Law in the UK and the US specifically prevented the government from taking property without due process, he said.
Mr Mills said the NSW government’s suspension of coal seam gas operator Metgasco’s northern NSW licences earlier this year had also sent the wrong message to international investors.
- Forums
- ASX - By Stock
- MEL
- Roberts' failed ICAC ammo
Roberts' failed ICAC ammo
-
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add MEL (ASX) to my watchlist
(20min delay)
|
|||||
Last
0.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $6.988M |
Open | High | Low | Value | Volume |
0.5¢ | 0.6¢ | 0.5¢ | $858 | 158.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 927625 | 0.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
0.6¢ | 5044543 | 12 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 927625 | 0.005 |
10 | 12563050 | 0.004 |
8 | 15262019 | 0.003 |
5 | 16775010 | 0.002 |
2 | 45500000 | 0.001 |
Price($) | Vol. | No. |
---|---|---|
0.006 | 5044543 | 12 |
0.007 | 2330463 | 4 |
0.008 | 1039391 | 2 |
0.009 | 80000 | 1 |
0.010 | 1000000 | 1 |
Last trade - 11.16am 28/06/2024 (20 minute delay) ? |
Featured News
MEL (ASX) Chart |
The Watchlist
LU7
LITHIUM UNIVERSE LIMITED
Alex Hanly, CEO
Alex Hanly
CEO
SPONSORED BY The Market Online