Polyphemus wrote on Mar 30
th, 2024 at 10:51am:
You just have to laugh when our politicians and media carry on about the Chinese social credit system and beat their chests and say thank God we're a democracy. Err, no, governments in the "free world" are doing exactly the same thing- mass surveillance, the stamping out of free thought, free speech and criticism. Our so-called "democracy" is China with the thinnest disguise.
But who's to blame? You, me and every other clown who lets this pass.
Armaguard is going bankrupt -
we could lose cash as soon as next week.
https://www.abc.net.au/news/2024-03-28/armaguard-rejects-funding-deal-cash-trans...Armaguard rejects $26 million lifeline to avoid insolvency as Coles ends pause on cash deliveries
By business reporters Kate Ainsworth and Nassim Khadem
Posted Thu 28 Mar 2024
In short: Armaguard has rejected a lifeline deal worth $26 million to prevent it from becoming insolvent.
It comes after Coles temporarily paused its use of the company over the Easter long weekend, but has since resumed using its services.
What's next? The cash transportation company says it is working with its customers and is "confident" about its long-term sustainability.
Armaguard has rejected a $26 million lifeline offered by some of Australia's biggest companies to keep the cash transport company afloat.
The company, which is controlled by trucking magnate Lindsay Fox, had been given until the end of the day to either accept or reject a financial lifeline to avert insolvency, and to keep cash flowing to major businesses.
Major banks, supermarkets, Australia Post and retailer Wesfarmers proposed the $26 million rescue package last week to prevent Armaguard's possible collapse.
But the monopoly cash transporter refused to open its books — one of the conditions of the proposed package — and rejected the lifeline deal on Thursday, confirming it would instead work on its own financial solution.
"Armaguard confirms it is working constructively with all its customers, including its retail customers, banks and other key stakeholders regarding both short-term and long-term financial solutions for the industry to remain sustainable," Mick Cronin, Armaguard Group's chief executive said in a statement.
"Armaguard continues to operate its full suite of services and is confident that over the coming months, it will get the business onto a long-term sustainable footing with appropriate support from the industry."