Ann: Appendix 4C - quarterly, page-4

They are just milking all the remaining money out of this company until there is nothing left, it's a very obvious strategy, so obvious as to actually be brazen.

What is impressive from them though, is the way they have found the perfect legal cover to do so, by continuing with the excuses about the costs of shutting down all their asian subsidiaries. I'm presuming these subsidiaries all have remaining open bank accounts (of sorts), into which monies can be moved.

However, and this is a big "however", over two (2) years ago they explicitly removed themselves from any financial obligations to the subsidiaries - and this was openly stated by an announcement, and reported.

So are these excuses a smokescreen for continued draw-downs of company cash to the administrators ?

I would really like a forensic accountant to track the money trail and bank account transactions across (supposed) international locations over the past couple of years, and verify 100% who the money actually landed with in the end - in what account, in what country, in what bank, and who is listed as the owner of the account.

Are there grounds for ASIC, or the ACCC, or even the AFP to take an initial look into this ?

Gw