Antarctic Ship Consultant Denies Bankruptcy Claim
Sydney Morning Herald
Wednesday September 21, 1988
A West German man involved in the $124 million project to build Australia's new Antarctic supply ship has denied claims that he was a bankrupt who had falsely represented his true business position.
In a statement issued through his Hobart solicitors, however, Mr Guenther Schulz admitted that he had had "financial difficulties" in a ship-building venture in China.
Mr Schulz, a consultant to Polar Schiffahrts Consulting GmbH, which last year won the contract to build Australia's new Antarctic ship with P & O Australia, said the problems were a result of an increase in the value of the US dollar, and had been common to shipbuilders worldwide.
Although legal proceedings had been initiated in Germany by a Chinese bank, the proceedings had not been pursued and he had at no time been made bankrupt
Mr Schulz was responding to allegations made by three directors of a West German company, Partenreederie, to the Federal Parliamentary Public Accounts Committee, which is inquiring into the management of Australia's Antarctic Division.
They told the committee that Partenreederie represented the European investors who own the Antarctic supply ship Icebird, currently under charter to the division, and that the Icebird's operations were controlled by a management company, Antarktis-und Spezialfahrt (ASS).
They said that Mr Schulz had gone bankrupt after the Chinese venture had foundered; that he had then been forced to sell his former 51 per cent shareholding in the Icebird; that Partenreederie had removed him from his post as managing director of ASS; and that ASS's financial affairs were still subject to the control of banks and creditors.
Mr Schulz said that he had "separated himself" from the Icebird and ASS to ensure that no claims were made against the vessel itself, which would have severely disrupted Australia's Antarctic operations.
He said he had resigned voluntarily from his post, and the claim that ASS's financial affairs were subject to control by banks and creditors had no foundation.
The allegation of falsely representing his position was untrue and designed to embarrass him, he said.
© 1988 Sydney Morning Herald