Stephen Wee

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Stephen Wee is a Director of Coal Energy Australia (CEA), an unlisted Australian company seeking to develop a brown coal project in Victoria.

CEA Background

In mid-May 2014 the Victorian and Commonwealth government's allocated $30 million to CEA from the Advanced Lignite Demonstration Program for the construction of "a $143 million demonstration plant producing fertiliser, oil and high value coal used in steelmaking."

In its first full financial year the company racked up a loss of $531,679 after tax. According to the company's financial statement the remaining equity value of the company was just $170,086. Not surprisingly the company stated that it "is currently considering capital raising activities".

In the financial year to the end of June 30, 2013 CEA had a paltry income of just $26,326 while total expenses were $558,005. Over 80% of the company's expenses for the year - $449,163 - were for "consulting".

Personal Background

A brief biographical note in the Coal Energy Australia financial report states:

"Mr Wee is an investment banker with over 30 years experience in the financial services industry. Stephen was awarded the Cutler, Hughes and Harris Prize in 1985 by the Securities Institute of Australia for excellence in the subject of securities industry law. He is a current member of the Financial Services Institute of Australia (Finsia)".

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