A shareholder, and former senior manager's open letter to the board of troubled CuDeco mining company makes serious allegations about previous managers and asks when the company will resume trading.
CuDeco (CDU) shares have been suspended for over a year with Rocklands copper mine, 17km west of Cloncurry, closed since August 31 and the company has not updated the ASX since May 1 when their quarterly report said their comprehensive operational restart review was in the "final stages".
The letter writer Angus Anderson begins by asking when are CDU shares likely to trade and asks why there has there been no disclosures under ASX "guidance note 8 Continuous Disclosure: Listing Rules 3.1 - 3.1B".
Rule 3.1 requires listed companies to disclose "market sensitive" information immediately to the ASX while 3.1B requires companies to disclose information "if the ASX asks for it to correct or prevent a false market".
"Will the fact that most of your pivotal operational personnel are now in the Fair Work Tribunal hinder any proposed start dates," Mr Anderson said.
"Has there been or likely to be any criminal charges laid in relation to the investigations into the ex-CEO and the corporate mismanagement of the company?"
Mr Anderson did not name which CEO he wanted to see charges laid against but the questions went on:
"How are you able to spruik the raising of capital by selling more shares when shares have not been traded for over a year," he said.
"Was the company solvent for it's last 6 months of trading. Is the company going to release its financials for the year ending 2017 given that we are now in 2019?
"Are any of the Australian shareholders likely to see their money?
"Can you confirm that ex mining contractor at Rocklands is seeking restitution for non-payment (one among many ex vendors) and is looking to remove ore in lieu of payment?"
Mr Anderson said many Australian shareholders had not been made aware of the corporate or operational issues affect their investments.
"We have, unfortunately, relied on company releases to the ASX which have more than likely not been a true representation of the facts," he said.
"I worked in a senior position at Rocklands and I am aware of a large the number of irregularities that took place in the purchasing and logistical sections of the business 2016/17.
"I look forward to having you clarify the companies position in relation to its obligations to shareholders and when it intends to return shareholder monies."
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