One has to worry at the strength of CTP Board when one of the blokes mentioned in the following article is appointed to the Board to 'augment' and 'change' the currentteam.
Arup, Macquarie and Brisconnections: let the tunnel wars begin
http://www.copyright link/content/dam/images/z/s/8/4/c/image.related.afrArticleLead.620x350.gvodph.png/1492676360224.jpg
Road to nowhere ... Brisbane's Airport Link Harrison Saragossi
http://www.copyright link/content/dam/images/g/y/y/r/x/m/image.imgtype.afrAuthorAvatar.120x120.png/1507696617605.png
by
Bryce Corbett
Former Bell Shakespeare director and Australia's newest Federal Court judge
Mikey Lee this week started hearing one of the cases stemming from the (financial) collapse of Brisbane's Airport Link, the tunnel that leads to Brissie airport and
one of the biggest construction project disasters in Australia's tunnelling history.
Engineering consultant Arup is trying to file a cross claim against directors of BrisConnections for contributory negligence. And there are some big Queensland names including chairman
Trevor Rowe,
Raymond Wilson,
Martin Kriewaldt, and
Richard Wharton in the gun hairs. Arup has been arguing that BrisConnections collapsed because of Macquarie's overly aggressive structure, which the BrisConnections directors did not take reasonable care to assess. The court was told they "failed to look after their own interests".
But it's not all bad news. At least the lawyers are having a field day: Brisconnections receivers PPB are suing Arup for the traffic forecasts it made for the toll road. Arup in turn is counter-suing Macquarie Bank (who were advisers on the float of BrisConnections) saying they were contributorily negligent and that their model was too aggressive. Who said tunnels were boring?
Read more: http://www.copyright link/brand/rear-window/arup-macquarie-and-brisconnections-let-the-tunnel-wars-begin-20170420-gvodph#ixzz4wOAGQkCb
In the above referenced press release, Robert Hubbard, Chairman of Central said, “I very much welcome Martin to the Board of Central. Martin is a highly talented and accomplished non-executive director whose skills and experience will be of great value to Central as we pursue our strategy to become a significant onshore gas producer”.
“Martin’s appointment is consistent with my commitment to shareholders to augment, expand and change the current Board. I expect to announce further changes prior to the AGM”, said Mr Hubbard.
(20min delay)
