Retraction: No joint venture for IBS-AIS

Business News would like to formally retract an article published last week, which stated that building supplies group Innovative Building Services had entered a joint venture with insulation supplier Australasian Insulation Supplies Pty Ltd (AIS).

The article was published after Business News was contacted by IBS Managing Director Frank Di Costa, who said the company had launched a collaborative joint venture with AIS to provide insulation products to the Western Australian building industry.

Following publication of the article, Business News was contacted by AIS, which stated there was no commercial arrangement of any kind in place with IBS and none of the company’s senior management had any relationship, commercial or otherwise, with Mr Di Costa or IBS general manager Mate Korda.

While Mr Di Costa maintained that there was a commercial arrangement, after reviewing all available information and discussing the matter with AIS directly, Business News agrees that no formal joint venture or commercial arrangement of any kind, was ever entered into.