Otmane El Rhazi : Asic takes Padbury Mining to court over Oakajee funding announcement

Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.

The Australian Securities and Investment Commission (Asic) has started civil penalty proceedings against Padbury Mining and two of its directors over a bungled $6-billion funding announcement for the Oakajee port and rail project, in Western Australia. The civil action in the Federal Court of Australia is against Padbury, its MD Gary Stokes and executive director and chairperson Terence Quinn, whom Asic wants banned from managing companies.