Why it matters: taxpayers have pledged $900 million to sulphate of potash groups
Kalium became insolvent after NAIF declined to make $5 million available
Its founding director, Brent Smoothy, said Kalium was on the verge of success
The founding director of failed potash company Kalium Lakes has asked market regulators to probe the role a federal agency played in Friday’s corporate collapse, which has put the recovery of more than $204.5 million of Australian and German taxpayer funds in serious doubt.
Former Kalium director Brent Smoothy has asked the Australian Securities and Investments Commission to investigate whether the Northern Australia Infrastructure Fund acted as a “shadow director” during the two months leading up to Friday’s collapse of the company into receivership.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com
