Resources entrepreneur Tolga Kumova admitted to the Federal Court it was a mistake to boast on Twitter that a metals mining tenement he had a financial interest in was worth $5.3 billion, when in fact it was worth $532 million.
In an ongoing defamation battle, Mr Kumova said on Thursday the $4.8 billion difference was a mathematical error related to a September 2017 tweet, which claimed New Century Resources sat on a $US12 billion zinc, lead and silver deposit, shortly after the metals explorer listed on the ASX in July 2017.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
