The following is what Linc is up and the problems it is facing.
I am a holder of LNC and let me tell you that I am not very happy of having led to believe that we all were on a winner when we I invested in this Company.
According to what is written below, it appears that not only Linc Energy will face criminal charges, but the Company founder is facing them too.
Dear oh me, where does all of that leaves us.?
"Linc Energy
The ABC is reporting that it has seen a witness statement to the Queensland Environment Department from mechanical engineer Dennis Orford claiming that Linc's underground coal gasification plant in Queensland was built using cheap, unsafe and illegal equipment and that plans to produce liquids from UCG were all a scam to manipulate the share price.
The Environment Department has brought criminal charges against Linc Energy over serious environmental harm allegedly caused to up to 320 square kilometres of prime agricultural land by its plant at Chinchilla west of Brisbane.
Linc has denied the charges, but company founder Peter Bond is facing criminal charges over the incident.
Orford said the plant failed to meet the Australian standards and was “reckless”. He complained to Linc's senior management, was sacked.
The Queensland mines department told the ABC it had identified "compliance issues" with the plant in January 2008 that had later been resolved.
Linc’s Australian operations are in liquidation following the appointment of voluntary administrators in April when the company faced debts of almost $300 million. It filed for bankruptcy protection for its US subsidiaries this month."
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LNC Price at posting:
99.5¢ Sentiment: None Disclosure: Held
