Brisbane, Australia
CNN
—
A dispute between two billionaires once united in a visionary project to send power from Australia to Singapore through the world’s longest subsea cable has escalated with one blaming cost blow-outs on “inexperienced management.”
Fortescue Metals billionaire Andrew “Twiggy” Forrest told CNN on the sidelines of the World Economic Forum in Davos that the capital costs of Sun Cable’s Australia-Asia PowerLink Project (AAPL) “just kept rising by 10%, 50%, 100%.”
“That isn’t sustainable. That’s what I would expect with inexperienced management and a board of directors who have never done large projects,” he said.
Sun Cable brought in independent experts last week to evaluate the company’s assets and deal with creditors, raising…
