Austral Coal Limited 02 - Panel Commences Proceedings

The Panel has decided to conduct proceedings with respect to the application from Centennial Coal Company Limited (Centennial) in relation to the affairs of Austral Coal Limited (Austral). As noted in the Panel's Media Release TP05/47 of 6 June 2005, Centennial has alleged that unacceptable circumstances exist in relation to the failure by Glencore International AG to make timely disclosure regarding equity swap arrangements it entered into in relation to more than 5% of Austral.