Dear Australian federal Police,
I believe an immese Crime has been Commited with 4 Billion dollars worth of Arrium Shares being stolen from the shareholders of Arrium (ARI).
The Government wanted the Arrium steelworks to be upgraded, even though the Current Blast Furnace is serviceable for another 10 years. The Government allwed Chinese steel Dumping into Australia with zero tarriff even though the UK PM David Cameron warned the Australian Government at the 2015 G20 that allowing chinese steel dumping is Illegal.
2 weeks after Arrium was placed into administraion, Christopher Pyne placed 50% tarriffs on chinese imported steel. And then the Government started buying steel from Arrium for Government Projects.
The Government wanted the Arrium steelworks upgraded to generate electrical power from the blast furnace for South Australia.
Arrium while in Administration is meant to be restructured during Aministration and relist on the ASX. Arrium is earning 400 Million per year currently. By Comparison Bluescope steel is trading at $14.50c on the ASX on a price to earnings of 11. Arrium steel is currently earning 400 million per year and value based on a price to earnings of 10, makes the company worth 4 billion dollars, and that is 4 billion worth of shareholder value.
But the Government has conspired with the Banks and the Administrator to only allow an overseas buyer Gupta to buy the entire company for peanuts because in the terms of the FIRB approval he will upgrade the steelworks. And that was the Political objective and in the process 4 billion dollars of shares have been stolen from the shareholders of Arrium ARI.
Arrium went into administration because the Government was illegally allowing Chinese dumped steel into Australia and the Government wasnt buying any steel from Arrium for Government Projects, this is Unjust and Immoral.
The Administrator has an obligation to return the Company to the shareholders, The Iron ore prices recovered from $35 per tonn to currently $65 per tonn. There are now 50% tarriffs on Chinese steel imports and the Government is buying steel from Arrium for Government projects. Arrium is earning 400 million per year currently and the Company has a radable valuation of 4 Billion market cap if it was allowed to lift the trading halt and trade again on the ASX.
The administrator is Mark Mentha, and the Administration fees he charges is $1 million per week to do the Administration of Arrium, they have had Arrium in Administration for 15 months on fees of $1 million per week.
Assets of Molycop have been sold for 1.6 billion reducing the debt and the Company is currently in a position to earn 400 million per year and pay out all remaining debt in 4 years.
The Current Blast furnace is still servicable for another 10 years, The Arrium Shareholders should still have ownership of Arrium steelworks.
We are talkng about a 4 Billion dollar Robbery, that the Government, Mark Mentha and the Banks and ASIC have all Stolen.
