Chariot writes off $7.3m after failed VoIP venture

Chariot has reported an asset write down of $7.3 million resulting from its failed VoIP joint venture with Transcom International and has vowed to hit back at Transcom's $3.2 million legal claim over the business with one of its own for an even higher figure.

Chariot announced in July that it and two its directors were facing a $3.2 legal claim from Transcom over the failed collaboration, entered into in late 2004. Since then Transcom has accused Chariot of failing to disclose to the ASX the fact that its $4 million investment in the joint venture had been written down to zero.

Read Full Story