Mr Katter said he had requested a forensic inquiry into CuDeco, which was owned by a Chinese corporation.

"There are allegations which need to be investigated," Mr Katter said.

"Whilst there may be limited reserves of copper, there are allegations that very extensive and good grade cobalt was sold undeclared and hidden by non-disclosure pressure, within and outside of the company."

Allegations from numerous sources have been reported to Mr Katter's office that range in severity and relate to tax, environmental, and resource management.

Cobalt has been found in the North West Mineral Province in 2019 and was announced by the State Government in a media release.

"While CuDeco did look at a partnership with Cobalt Blue Holdings to commercialise the cobalt in September 2018 it didn't go ahead and they went into receivership in July 2019," Mr Katter said.

"Many of the workforce of almost 200 with outstanding wages have been owed for six months to, in some cases, nearly two years."

Mr Katter has been fighting for a fair go for the unpaid staff, out of pocket local businesses and devastated shareholders who, collectively, have lost more than 60 million dollars.

"We are calling for a forensic investigation and hope for once ASIC will make an effort to be a real watch dog instead of what they are universally recognised as, a lap dog," he said.

"We have asked Minister Porter and Minister Frydenberg to provide feedback on my request within one week."

This is not the first serious allegations agains the company, when a stakeholder and former senior manager made allegations about previous managers in an open letter.

The North West Star have contacted the receivers and managers appointed of CuDeco Limited and are awaiting comment.

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