According to the rules all they've got to do is put out an...

According to the rules all they've got to do is put out an annual report, 4 quarterly reports, and keep the continuous disclosure up to date (which isn't onerous when there's nothing going on) and companies can stay in a vegetative state indefinitely. The Corporations Act is there to stop directors from being prosecuted, not to assist prosecution. Its 2 or 3 years since they announced their mine, rail and port infrastructure was fully funded - all the evidence is there but no prosecution by ASIC. If ASIC can't make a case out of that one there might as well be no Corporations Act.