It's hard to imagine a company with a greater need for financial transparency than Ambre Energy.
In the midst of a global downturn in coal markets, the firm is trying to move forward with two controversial coal export projects in Oregon and Washington, for which it will have to raise about a billion dollars in start-up capital from increasingly skittish investors. The company is also hoping to win the public's confidence and support for its export plans---an especially critical need, given that the company misled the public about the scale of their export ambitions in their initial permit filings. After that kind of start, the company just can't afford to look like it's hiding something now.
Yet for the past year, Ambre has been remarkably secretive about its financial situation. A few weeks ago, a reporter from The Australian uncovered evidence that Ambre had failed to disclose its 2012 year-end financial results. This may have put the company in violation of Australian securities law, which requires unlisted public companies, such as Ambre, to publish their financials within four months of the end of the fiscal year.
But website of the the Australian securities regulatory agency shows that Ambre has finally submitted its financial report for the 2012 fiscal year. Better late than never, right?
Well, sort of.