Hunter Timber Company Referred To ASIC For Allegedly Misleading Investors

A local company has been referred to the Australian Securities and Investment Commission (ASIC) over misleading comments about a multi million dollars contract.

Last year, Sweetman Renewables, which operates a sawmill near Cessnock, announced a contract worth $90-million with Japanese conglomerate Sinanen to supply woodchips over 20 years.

But Sinanen’s Chief Executive, Masaki Yamazaki, has refuted the claims, saying the company deplores the announcement.

Sweetman Chairman John Halket has since written to Sinanen apologising for the incorrect and misleading information.

The Nature Conservation Council has now referred Sweetman Renewables ASIC which is weighing up whether there has been a breach of corporate law, and whether investors were misled.