But Mr Gutnick told The Age and Sydney Morning Herald, “We’re very confident in our position that it [loans] was done at arm’s length and properly”.
Merlin Diamonds in December challenged the ASX to lift its suspension, writing that it had received advice from senior counsel that it was acting in compliance with the listing rules.
The company also taunted the ASX on its continued scrutiny of the company and ban on the trading of its shares.
“We respectfully remind you that the ASX is not an enforcement agency and that it is not within the remit of the ASX to seek to establish whether or not directors of listed companies have or have not complied with their duties at law,” Merlin Diamonds wrote.
