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Keybridge, Aurora can't stop Molopo draining cashbox
Myriam RobinSenior WriterAnd on to the latest twist in the never-ending Molopo saga. Last week, separate applications to different bodies by Keybridge Capital and Aurora Fund Management to stop Molopo spending money on its US oil and gas projects were rejected by the Victorian Supreme Court and Takeovers Panel respectively.
Keybridge, which owns 19 per cent of listed cashbox Molopo and is associated with Farooq Khan, took great exception to Molopo's announcement it was spending the money in late August. Keybridge's directors told the ASX that after Molopo spent three years not investing any money, "the current board then undertook an extraordinary transaction in July 2017 whereby $8.75 million was removed from the company in circumstances Keybridge considers highly questionable".
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