FIsher Jeffries

The former directors of collapsed mining company Termite Resources have appealed a ruling ordering them to pay $7 million in damages for allegedly breaching their duty by distributing more than $46 million to Termite’s parent company and failing to maintain a cash reserve of at least $10 million.

A judge has ordered directors of collapsed mining company Termite Resources to pay $7 million in damages after finding they breached their duty by distributing more than $46 million to its parent company and failing to maintain a cash reserve of at least $10 million.