Ain’t no sunshine as legal battle launched over Kilcoy solar farm

INVESTORS in a $3.5 billion solar farm north-west of Brisbane have taken the director in the project to the Federal Court.

SOLAR FLARE

THE Hong Kong-based investors in a $3.5 billion solar farm in the picturesque Brisbane Valley are currently belting it out in the Federal Court over an alleged wrongful transfer of shares to the director of the controversial project.

Sunshine Energy’s plan to build the solar farm east of Harlin and along the D’Aguilar Highway has attracted the ire of local residents concerned their rural tranquillity will be threatened. Now questions are being asking about the future of the project after Chen Lu, one of the shareholders in a company called Eastern Union that ultimately owns the project, sued Sunshine Energy director Li Chi Man for alleged breach of his duties as a director.

Solar energy farms are a rapidly expanding industry in Australia.

According to a statement of claim filed in the court last month by Chen, Li (illustrated) wrongfully transferred 100 per cent of the issued capital of Sunshine Energy from Eastern Union to himself. According to the claim, Li also caused Sunshine Energy to enter into finance arrangements on unfavourable terms. The case has been adjourned and last month Federal Court judge Eric Middleton ordered that Li transfer all the shares held by him in Sunshine Energy back to Eastern Union until a final determination of the matter is made.

RESIDENTS’ WIN

THE legal bun fight over the development may be good news for local residents who earlier this year took the matter to the Planning and Environment Court in an attempt to quash its approval by the Kilcoy Shire Council. We hear settlement over the land has yet to occur and Anthony Youssef, previously a key spokesman for the project, resigned as a director of Sunshine Energy back in January. “One wonders if the project will ever get off the ground or just be a huge white elephant,” says a City Beat spy out in the Brisbane Valley. Li told City Beat yesterday that the case is still progressing through the courts so he can’t any further comment. But he is adamant the solar project will still go ahead. Watch this space.

PUT A RING ON IT

ARE the days of young men spending a couple of month’s salary on their beloved’s engagement ring over? City Beat was recently chatting with Stuart Bishop, managing director of Wallace Bishop Jewellers, who noted that a young fella would be unlikely to spend any where near $10,000 on a ring these days. “He might spend $3500 on the ring, $3000 on a watch for himself and the rest on a nice trip away for the couple,” Bishop says.

Stuart Bishop says spending on engagement rings is shrinking. (AAP Image/Josh Woning)

Sounds like a good plan so even if the marriage goes pear shaped at least they have the memories of a nice holiday.

ROYAL TOUR

SPOTTED in salubrious Ascot earlier this week was a flashy black Mercedes driven by a well-turned out lady with the number plate HR 4007. The 4007 refers to the post code of the upmarket suburb but HR? Maybe a reference to the driver’s line of work in human resources but if you add a H she may be considered to have royal heritage.

GOOD SLEEP

BRISBANE-based Oventus is beefing up its balance sheet. Oventus, which is marketing a mouthguard device to help patients sleep, is expected to raise $7 million in a share placement. A further $2.3 million will be raised from a 1 for 20 pro-rata non-renounceable entitlement offer to eligible shareholders.

The company, founded by dentist Chris Hart, says the capital raising will strengthen its balance sheet and enable it to further rollout it flagship device, the O 2 Vent.

According to Sleep Health Foundation Australia, an estimated 1.5 million Australians suffer with sleep disorders and more than half of these suffer with obstructive sleep apnoea.

Oventus founder Dr Chris Hart. Photo: Claudia Baxter