Cranswick battles to keep ACR assets

African Consolidated Resources chief executive Andrew Cranswick has filed a motion with the Australian Federal Court to annul its bankruptcy ruling, a move that stops his trustee from pursuing his overseas assets including his stake in the London-listed company, reports from Australia said today.

Cranswick was declared bankrupt in absentia on October 27 because he owed the Australian Tax Office A$1.1 million. The ruling stripped him of his Australian company directorships but he remained CEO of ACR.

Cranswick is reported to have filed the motion on December 17 but has not yet filed an affidavit to support the application. The move, however, had stopped Anthony Warner of CRS Warner Kugel, his trustee in bankruptcy, from asking British courts to recognise the Australian bankruptcy.

No date has been set for the hearing.

ACR lost its rights to the Marange diamond claims but is appealing that decision in Zimbabwe. It is now facing charges of fraudulently obtaining the Marange claims.

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