Australia's fuel-pill company goes pop
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Thu, 31 Jul 2008 08:26:01 GMT |
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Sydney - Investors were told Thursday they were unlikely to get any of the 100 million Australian dollars (94 million US dollars) they paid for shares in failed fuel-technology firm Firepower. "Business in Australia is over, the company will in all probability, 99-per-cent probability, be wound up tomorrow," administrator Geoffrey McDonald told reporters. McDonald was appointed to see if the company - infamous for marketing a pill that when popped in the petrol tank could make cars go farther and faster - could be saved. A deal to sell the company's assets failed and founder Tim Johnston is in Britain and unwilling to return. Johnston is being investigated by Australia's corporate watchdog for dealing in securities without a licence. Among Firepower's 1,400 investors are diplomats, entrepreneurs and sports stars.
Copyright DPA
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