The Federal Court in Perth has heard that Fortescue Metals Group (FMG) was far from being an operational iron ore company when it told the market it had signed a contract with Chinese companies to build infrastructure.
FMG and its Executive Director Andrew Forrest are on trial for misleading and deceptive conduct relating to a series of announcements to the share market, investors and the media in 2004.
The corporate watchdog, the Australian Securities and Investments Commission (ASIC), says FMG overstated the substance of agreements with Chinese companies to build mining, rail and port infrastructure in the Pilbara.
FMG's lawyer John Kraker, QC, has tendered a number of analysts reports and newspaper articles showing that the company was only in its infancy at the time, and required further financial backing.
Mr Kraker said the contract was conditional on the company obtaining a number of agreements and regulatory approvals.
The hearing continues.
Source ABC online / news section
twiggy is a champion., page-24
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add FMG (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
$22.10 |
Change
0.100(0.45%) |
Mkt cap ! $68.04B | |||
| Open | High | Low | Value | Volume |
| $21.99 | $22.22 | $21.87 | $84.79M | 3.834M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 9803 | $22.09 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $22.11 | 10620 | 3 |
View Market Depth
| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| FMG (ASX) Chart |