Today Tonight - Channel 7 news
Underhanded tactics by a Korean coal mining enterprise has shocked a farm owner who thought he was selling to an agricultural company.
To Michael Ball’s horror, he soon found out he sold his farm to a shelf company set up by a massive coal mining enterprise owned and run out of Korea.
The Korean steel company named Posco is heavily invested in mining coal although Michael Ball didn’t know any of that when he sold them this rich farmland just two hours south of Sydney.
“Well clearly it’s deceitful because they pretended all the way through the negotiations that they were solely interested in farming – cattle farming,” said Ball.
The company, Aurelius Rural, turned out be a shelf company registered two months ago. The real buyers are Hume Coal and Cockatoo Coal; both Australian sounding yet Korean owned. Korea’s steel industry relies on our coal for cheap electricity.
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