Rear Window
Quintis' 'back door double-dealing', fine dining appetite revealed
Myriam RobinRear Window editorIt's been more than two years since the collapse of listed sandalwood grower Quintis, which occurred nine months after an offshore short seller sensationally likened aspects of the business to a Ponzi scheme. And if financial crises resolve in months, litigation is, by comparison, eternal.
So it was only last week that the Western Australian Supreme Court handed down a judgment in a case brought by Quintis subsidiary Arwon Finance (now controlled by Quintis' bondholders-turned-owners at BlackRock) against ex-Quintis investor Travis Smith. Smith owed Arwon money he'd used to buy sandalwood plantations, but argued he shouldn't have to pay it back because Quintis' old management had made various representations to him that they'd buy back the plantations the loans were secured against.
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