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Newcastle Herald

Business

Donna Page

Judge doubts $90m loan claims and questions ASX announcements

ASX Kate Williams SGC

AMBITIOUS: Former executive director of Integrated Green Energy Solutions Paul Dickson in Taree, right, speaking with Jim Pearson Transport boss Jim Pearson about the possibility of using diesel from planned plastic-to-fuel plants in 2000.

A SUPREME Court judge has labelled the failure of a company to secure a US$90 million loan to keep it afloat, contrary to a series of announcements to the Australian Stock Exchange, as a "matter of significant concern".

Justice Kate Williams was assessing Integrated Green Energy Solutions' (IGE) financial position in 2021 following an application by Sydney-based property developer Charles McIntosh's Mac Wealth Holdings (Singapore) to place it in liquidation over a $12.4 million debt.

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