Personally I think ASX is overstepping the mark here in this merry go round. They are powerless to tell directors what to do with capital and are not designed to be auditors. This is why each publicly listed company is audited. However ASIC clearly have the power to come down hard on directors over this, so we wait and see how ASIC act and their findings.
ASX are actually implicating themselves here as being negligent if they want to play the Mr Policeman role. The loan has been documented since 2012 and in fact 2013 was the biggest advance to AXIS... Not a peep from the ASX until now. If it is such a big issue why have the ASX allowed trading from 2012 to 2018?
