Leopold withholds explanations

Press, Volume CXIV, Issue 33513, 19 April 1974, Page 7

Leopold withholds explanations

Z. Presfi Associaiion—Copgrighi > SYDNEY. The hoard of Leopold Minerals N.L.. after obtaining legal advice, has refused to disclose the names of the directors and shareholders involved in some of the unexplained transactions recorded in the accounts for the year lo .June 30. However, some of theUhat none of the present details of loans made to directors were members of Matage Pty, Ltd, and of an the board at the time of the unauthorised payment made two transactions. lo an unnamed company The annual report showed have been given. ' that $307,056 of a $599,578 The present chairman of advance to Matage had been Leopold (Mr W. Ryder) said written off.

Mr Ryder said that "after due inquiry into the assets and liabilities of Matage the directors of Leopold were of'' the opinion that Matage wasi: mot in a position to make ■ any repayments towards the $307,056 loan balance. It. appears that Matage, : now operationally defunct,; had provided secretarial, ac-i . counting and general office I to several public: mining companies. ' Mr Ryder also disclosed 1 that $45,000 had been paid: to Unity Nominees, Ltd, on: September 22, 1972. Leopold has asked Unity Nominees, ,'to explain the purpose of the payment. The loan to Matage and. |the payment to Unity Nom-j inees might be recoverable, I to the company’s* solicitors. If further information were made public, the legal proceedings could be affected.