I agree.
We should remember the ASX announcement of 25th October 2018, which included the revealing question regarding the dreaded loan of MED to AXIS, and MED's naive answer.
" ASX notes that to several of ASX's queries, MED responded:
The Company does not have access to financial information of AXIS. From a search of AXIS, AXIS is not a reporting entity. Accordingly on a conservative basis, the Company has provided for the loan as a doubtful debt.
ASX notes that whereas Mr. MZ Gutnick signed the loan agreement onbehalf of MED and Mr Peter Lee signed the loanagreement on behalf of AXIS, both Mr MZ Gutnick and Mr Lee are each a directoror employee of MED and AXIS. Further,the loan agreement states that both MED and AXIS are registered at the sameaddress at Level 1A, 42 Moray Street,Southbank. ASX's interpretation is that MED and AXIS are related parties."
This was followed by a further ASX announcement requiring two independent directors to be appointed. Though this requirement would not necessarily mean that Mr Lee should resign, I reckon the writing was on the wall.
