Chemeq appeals court finding

CHEMEQ is appealing a court finding that it must repay $60 million to US bond trader Stark Trading and Harmony Capitol Partners after losing a previous appeal in the Supreme Court. Stark and Harmony had issued convertible bonds under the condition that Chemeq Ltd would achieve a gross revenue of at least $4 million at the end of the last financial year. Although the Chemeq showed revenue of $4.1 million, an independent audit identified uncertainty about the validity of $1.5 million contract with distributor, Inviro.


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