Administrator KordaMentha intends grilling some of the directors and executives of Arrium in a public examination in court, as it investigates possible breaches of directors duties and potential misleading conduct over the drawing down of a last-minute refinancing facility and other loans in early 2016, just before the steel company collapsed.
A report to creditors by KordaMentha, which sold the Australian assets of Arrium to companies run by British billionaire Sanjeev Gupta in August and saved 3000 jobs, revealed it had found “several categories of debts or claims which may give rise to insolvent trading claims”.
“These claims principally relate to the drawing down of the GSO interim refinance facility in March and April 2…
Read the full article at: http://www.afr.com/business/energy/arrium-directors-to-be-grilled-in-court-over-potential-breaches-20171214-h051er
