ASIC accused Australian Mines of misleading the ASX in a February 2018 announcement about a deal for the cobalt and nickel product it expected to make at its Sconi Project mine near Townsville, which was one of its biggest assets.
ASIC also alleged the company’s former managing director, Benjamin Bell, lied to investors at overseas investment conferences following the announcement by saying SK Innovation had agreed to fund the construction of a plant for the project, which was expected to cost at least $500 million, despite never being offered such financing.
Justice Colvin said that “nothing in [his judgment] should be treated as a finding against Mr Bell of any contravention”, as his case is ongoing.
B.Bell should've gone a lot earlier.....BODs should go as well. A bunch of lifestyle directors, sucks SS dry
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