Not only the apparent lack of ability of those at the helm of LYC is in question, but the lack of transparency in disclosure of the 'state of play' of the Project finance is now also questionable.
The 'silence is deafening' as to what has gone wrong with securing the finance which had been touted as being in order.
The monies are stated to be in escrow pending those at the helm of LYC meeting all conditions precedent by no later than Jan 31st past. LYC would know whether the funds are actually there or not - LYC would (should) have the 'paper trail' showing the actual availability of the funds.
If LYC met all 'conditions precedent', & the funds are now not there, LYC would have known, & should have said so on the 31st Jan.
If the funds are there & LYC has NOT met the 'conditions precedent' by Jan 31st, then by now it should have said so & given the reason(s) why it failed.
If LYC failed, but is trying to renegotiate, then, again, it should say so ......
With LYC presumably already having contracted considerable capital works - they must have if the plant is to be operating this year - then going to a 'loan shark' for $30M a few days before the Jan 31st deadline makes me suspect they knew they had no chance of meeting 'conditions precedent' & needed more financing flexibility to meet construction tenders already let - or get sued?
Col8
the silence is deafening
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