What did ASX do....to investigate this?

Let's just take a breather for a minute and see how it plays out. VIC do own 100% of Husky and Malmute pretty sure of that.

The scenario you have posted is fraud......pure and simple they'll near do time if your scenario is correct. They might be unscrupulous but I'm not sure that they are blatantly stupid enough to have done what your suggesting.

I do wonder if there was point in time where Clee and Elingford new they had to organise the drill rigs for Malmute etc. and then made a conscious decision not to go down that path.........I wonder now whether they are thinking, "gee maybe we should have just drilled those tenements" in my mind this course of action would have been an easier path to follow, because "IF" they have transgressed they may have pressed their luck a little too far.

But we don't know 100% what's going on right now, and those tenements have to be worth something. We have no choice but to wait it out, none of us have lost a limb or a loved one, at worst it will mean a lighter wallet. I'm not suggesting that's insignificant or that management shouldn't have to meet their obligations to share holders, just that working ones self into a state about it isn't helping either.

Just maybe if VIC trades again, they might have been given a shake up by the ASX and start to do their damn jobs, if only for self preservation !

This will certainly trade again.

The ASX only rules on Listing Rules breaches, any possible breaches of the Corporations Act is in the jurisdiction of ASIC.

The ASX will require further disclosure, some clarifications and maybe some forced sale of some shares - then they will be able to trade again as far as the ASX is concerned.

ASIC may or may not investigate in the background but they take a very long time to do anything, if at all.