abc.net.au/news/auditor-raises-red-flag-over-oceania-resources/101672924Auditors for an Indian-owned company at the centre of a deepening energy crisis in Western Australia gave the firm the worst possible assessment when signing off on its financial accounts.An auditor says it cannot rely on the financial accounts an Indian-owned company at the centre of WA's energy crisis
The revelation comes as shipments of coal begin arriving in WA to supply the state-owned power provider and one of the country's biggest miners left short of stock by dysfunction in the local coal industry. Oceania, a subsidiary of heavily indebted Indian conglomerate Sindhu Trade Links, lent $US60 million to Griffin Coal in 2015.But in a twist described as "mixed-up and murky" under parliamentary privilege by State Liberal MP Steve Thomas, Oceania borrowed the $US60 million from Griffin's biggest lender, ICICI.
BDO noted in its independent report that it had been "unable to obtain sufficient appropriate audit evidence". In December 2020, a subsidiary of global ratings giant Fitch downgraded Sindhu's credit rating to IND B+, relegating the company's debt to junk status. It also supplies ASX-listed miner South32, whose Worsley alumina refinery, a big regional employer, depends on the coal.But amid problems at rival miner Premier Coal, which supplies state-owned power provider Synergy, WA has been forced to import coal from abroad.
they play the long game, build and wait we publish articles about wondering which bathroom to use alreadylost
Wa gov state of emergency for two years over covid but don’t have the guts to seize the assets of a foreign entity piss weak
Stop selling to foreign companies, cannot fathom why it was done in the first place
Concocted dilemma; failure to act to resolve plays into the Govt policy to kill Collie coal. NSW energy costs 4 times WA; SWIC pricing set to double - QED. Public to pay for early net zero ambition. State Daddy looking like NWO leader - you will have nothing and you will be happy
Australia's Government is it really Demoracy or are we the people being played one of those if you want a job you must know how to play or tuff luck trying to live
It might be a plan to realize the assets and work the books later? Someone will pick it up and run it the 3 years.
So unreal
We are importing Coal from Indonesia. Unreal
Why has Australian Electricity been given the green tick for Overseas companies to own, 90%+ with dodgy accounts, its baffling. And why aren't these companies already progressing towards renewable energy? Especially in WA. Someone offered 💰 🤔
‘Mysterious foreign company’? Wouldn’t be Chinese would it? 🙄