To ease your site search, article categories are at bottom of page.

June 29, 2011

D1 Oils fails to win backing of its auditor over jatropha doubts

by Rowena Mason

Brian Myerson, the activist investor whose funds own 27pc of D1, quit as chairman last year after a failed boardroom coup. D1 said that his son, Nicholas, will be independent and not a representative for his father's funds.

The company will need to raise money this year and next to support the sale of jatropha plant as biodiesel. D1 Oils sold its technology business to two former directors last year.

Ernst & Young yesterday gave a "disclaimer of opinion" on whether the company could continue as a going concern. The auditor identified "significant uncertainties," including the "need to demonstrate that jatropha can deliver sustainable economics for both farmer and industry".

D1 is in the middle of a "business review" due by August. In a board shake-up, the current chairman, Barclay Forrest, will be replaced by Steven Rudofsky, an ex-Glencore trader, as executive chairman.
Martin Jarvis, the chief executive, will become chief operating officer. Brunswick, its longstanding public relations adviser, is no longer working with D1 Oils.

The Telegraph

Article Categories

AGRA agribusiness agrochemicals agroforestry aid Algeria aloe vera Angola aquaculture banana barley beans beef bees Benin biodiesel biodiversity biof biofuel biosafety biotechnology Botswana Brazil Burkina Faso Burundi CAADP Cameroon capacity building cashew cassava cattle Central African Republic cereals certification CGIAR Chad China CIMMYT climate change cocoa coffee COMESA commercial farming Congo Republic conservation agriculture cotton cow pea dairy desertification development disease diversification DRCongo drought ECOWAS Egypt Equatorial Guinea Ethiopia EU EUREPGAP events/meetings exports fa fair trade FAO fertilizer finance fisheries floods flowers food security fruit Gabon Gambia gender issues Ghana GM crops grain green revolution groundnuts Guinea Bissau Guinea Conakry HIV/AIDS honey hoodia horticulture ICIPE ICRAF ICRISAT IFAD IITA imports India infrastructure innovation inputs investment irrigation Ivory Coast jatropha kenaf keny Kenya khat land deals land management land reform Lesotho Liberia Libya livestock macadamia Madagascar maize Malawi Mali mango marijuana markets Mauritania Mauritius mechanization millet Morocco Mozambique mushroom Namibia NEPAD Niger Nigeria organic agriculture palm oil pastoralism pea pest control pesticides pineapple plantain policy issues potato poultry processing productivity Project pyrethrum rai rain reforestation research rice rivers rubber Rwanda SADC Sao Tome and Principe seed seeds Senegal sesame Seychelles shea butter Sierra Leone sisal soil erosion soil fertility Somalia sorghum South Africa South Sudan Southern Africa spices standards subsidies Sudan sugar sugar cane sustainable farming Swaziland sweet potato Tanzania tariffs tea tef tobacco Togo tomato trade training Tunisia Uganda UNCTAD urban farming value addition value-addition vanilla vegetables water management weeds West Africa wheat World Bank WTO yam Zambia Zanzibar zero tillage Zimbabwe

  © 2007 Africa News Network design by Ourblogtemplates.com

Back to TOP