Veteran stockbroker John Featherby has been dragged into a public probe by the liquidator of his son Nathan's failed iron ore royalties play Ochre Group Holdings.
Veteran stockbroker John Featherby has been dragged into a public probe by the liquidator of his son Nathan's failed iron ore royalties play, Ochre Group Holdings.
The Federal Court has ordered John Featherby and the West Perth company he chairs, XTC Lithium, to produce documents related to dealings with a company linked to veteran resources investor Michael Povey.
The highly regarded Euroz Hartleys' veteran must provide documents linked to his dealings with Mr Povey's Nuevo Royalty, while XTC must provide information about $2 million of payments from Nuevo Royalty's lawyers ahead of a big and options issue issue in 2022.
The orders are contained in a swathe of commands made by the Federal Court last month after liquidator Jeremy Nipps successfully applied to crank up his examination of Ochre's affairs.
With Nathan Featherby living in South America or New Zealand for much of the past decade, Mr Nipps has battled to get the former Subiaco footballer and Ochre promoter into the witness box.
But Mr Nipps has questioned Mr Povey and his business partner, Charles Straw, about Nuevo Royalty's June 2020 purchase from Ochre of royalty rights to the battling Wonmunna project for $950,000. Ochre collapsed four months later.
Nuevo Royalty sold the royalty rights to the Canadian-listed company for $US22 million ($33 million) in mid-2022, about a year after Chris Ellison's Mineral Resources bought Wonmunna from an Aboriginal corporation.
Mr Povey is set to by questioned again on September 24 after having been ordered last year to produce documents related to the royalties sales deal with Vox Resources and dividends received from 2022 to 2024.
In linked orders made from December to July, Mr Povey was also required to produce documents related to Nuevo spending $2m on XTC shares after selling the Wonmunna royalty rights to Vox.
Mr Povey was required to file swathes of documents by Monday afternoon.
XTC and John Featherby have until next Monday to comply with document production orders issued by the Federal Court on August 12.
The orders against John Featherby require him to produce documents related to a $US104,040 advance made to him by Nuevo on December 14 and any other transactions they were both involved in from January 1, 2020.
The basis of the orders against the companies and senior business figures is not known.
Affidavits filed by Mr Nipps in December and August are subject to tight secrecy rulings that will stand until the examinations of Mr Povey, Mr Straw, Nathan Featherby and fellow former Ochre director Made Sumarya are completed.
