Corporate Watchdog Escalates Investigation Into Sweetman’s Woodchip Deal Claims

A Hunter-based start up is staring down the barrel of a full blown inquiry by the nation’s corporate watchdog.

Red flags were raised by the Nature Conservation Council about allegedly misleading and deceptive conduct by Sweetman Renewables late last year.

Nature Conservation Council Chief Executive Chris Gambian says they wrote to the Australian Securities and Investments Commission following an announcement that a $90 million deal had been signed to export woodchips to Japanese company Sinanen.

But Sinanen’s Chief Executive Masaki Yamazaki refuted the claims saying the company deplored the announcement, leaving Sweetman Chairman John Halket to issue an apology.

Mr Gambian claims the false statements may have been made to the market to attract investors.

The Australian Securities and Investments Commission (ASIC) has now escalated it’s investigation to a specialist team for further consideration.

Previous ArticleNext Article