Igaf, your list of Rathie’ s failings amounted to criminal dereliction of duties as a Company’s Director and its Chairman. I would add that he is responsible for financial losses over $39million on false promises of raising capital for development of new products and expanding the reach of Company’s market, but instead spending it on paying himself high salary plus travel expenses on average $30,000 each month for the last 9 years nonstop.
In his annual reports at AGMs Rathie mislead the shareholders with promises of “next year in Jerusalem” fairy tales of growth and profitability, none of which ever were realised. In fact, under his chairmanship the company has not developed a single new product in those years, nor secured a single large contract. All revenue which was still kept the company afloat was secured by the previous management which was un-ceremonially removed in a coup by accountants and lawyers now sitting on the Board.
Regarding your guessing, Igaf, how long the company will exist? – I think not long, considering monthly losses of $100K to $150K and cash reserves reported in Dec of less than $2M. We may not see this year AGM…
DDT Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
