Retiring Leucadia National Corporation principals Joe Steinberg and Ian Cumming, who sat on Fortescue’s board, recently wrote that the iron ore miner’s directors basically did whatever Andrew “twiggy” Forrest told them to.
Here’s what the normally media-shy former chairman, now deputy chairman Herb Elliot thinks of their comments, according to the Australian Financial Review:
“If anything it was the case that the Leucadia board representatives were arrogant and overbearing and obviously so used to dominating their own board that they became annoyed at not being able to do the same on the Fortescue board.
“I can only assume that this is the reason that they make the false claim that Andrew Forrest dominated the board.”
Leucadia took a 9.9% stake in Fortescue in 1996 as well as $US100 million in unsecured notes.
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