I am with Priest on this, for the one simple reason that he raises - corporate governance.
It has been stated that Mr Tay was instructed to stop, yet he did not. There may be questions to ask about how the board followed up on its instructions, but the fact remains that a board member disregarded a clear instruction.
Secondly, purchasing speculative stocks is absolutely against any ethical and corporate governance ideals one could imagine. Would could possibly poses a public officer to do such a thing?
Some on here argue that the vote was fair and that is the end of it. Nothing could (should?) be further from the truth. A wrongful or wicked act does not wondrously become upright and honourable purely because the majority of people want it to be.
Corporate governance is the backbone of our market. How can the watchdog bark whenever a company neglects to include a Competent Person statement on an announcement and not act now? Priest is right in that ASIC need to act and now.
DMA Price at posting:
18.0¢ Sentiment: None Disclosure: Not Held
