Arrium - Call for independent review, protect national interest
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Is Arrium going to be the biggest insolvency failure in Australian corporate history upon which the voluntary administration effectively orchestrated liquidation of an extremely profitable company?
The justice and equity rights of the workers, trade creditors, shareholders and the national interest will be effectively taken away by dissolving a profitable and prosperous company.
The Australian Insolvency Laws should not be seen to be authorising a sale or re-organisation thereby eliminating the equity interest of shareholders, the public interest, the employment conditions of workers by dissolving a prosperous company.
Before it is all too late, before the mistake is officially rubber-stamped, for the benefits of all stakeholders, it is prudent to instigate an independent review of the sale strategy to overseas buyer with specific focus on:
- Extent of damage to jobs and workers conditions
- Impacts to national interest including pricing control, competition, defence, tax, economic and regulatory sovereignty
- Financial impacts to trade creditors and financing lenders
It is utterly irresponsible if the governments, both in South Australia and in the federal level, do not commission such an independent assessment as prerequisite and as part of the due diligence before extending their supports to the current sale strategy to transfer the strategic steel, mining and ports assets to overseas buyer.
Thank you for the urgent attention on this important national issue!
Arrium Shareholders United (ASU)
ASU Email: firstname.lastname@example.org
ASU Website: http://arrium-asu.wix site.com/fight-for-justice
ASU Facebook Page: https://www.facebook.com /arriumasu/
ASU Facebook Group: https://web.facebook.co m/groups/1741774889431739
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