In a statement AES Chairman Bruno Camarri said, “Last week the company’s bankers required a reduction of banking facilities within a time frame which is now apparent the company is unable to meet. In view of that position, there was no alternative but to put the company into Voluntary Administration.”
Mervyn Kitay of Grant Thornton has been appointed administrator
Camarri did not comment further but was understandably less than optimistic, especially when compared to his declaration of 9 August during the appointment of Purnell, “We believe that Mr Purnell has the credentials and experience to put the company in a position to capitalise on its excellent products and its position in the growing renewable energy market.”
Purnell, the former State GM for Stegbar WA, had been appointed to guide AES to the next level with an annual salary of A$170,000 and annual reviews and bonuses of “certain hurdles, yet to be determined” were met. It would not be a stab in the dark to guess he will not be picking up any bonuses this year.
