Brisbane bizoid Siegfried Konig fell on his sword yesterday as chairman of struggling LWP Technologies. His resignation follows a humiliating legal loss on Friday, with a court dismissing LWP’s lawsuit seeking to claw back $774,000 from a joint venture partner.
Konig slammed “a vicious hate campaign’’ against the aspiring energy player, which hopes to commercialise its fracking technology, but has piled up enormous losses in the process.
He said criticism of the company was “absolutely blown out of all proportion”, even though auditors have warned it’s in danger of collapse.
Taking his place in the board room will be Dan Lanskey.
He’s a former Queensland cop who improbably pivoted to the oil and gas industry, where he has been active mainly in the US for more than 15 years.
Although LWP floated in 2006, Lanskey said that LWP’s technology remains in part “untested’’ and “there may be a commercial opportunity’’ for it in the US.
Konig, who will stay on as an adviser for an undetermined amount of time, said he would retain his significant holding.
Too bad the stock is virtually worthless at just .001 cents.
One disillusioned investor told City Beat that it’s hard to see how LWP can bounce back.
“Their reputation has been destroyed and they will need a significant capital raising just to keep going,’’ he said.
“If their tech was half as good as they claimed, one of the majors would have snapped it up by now.’’