Based this I have copied from the announcement I think Sharon Heng might be in a bit of trouble having been reported to ASIC by both LCY and the Auditors....
I cant see ASIC being very happy with her...
" Ms Heng’s agreement to repay the sum of $868,147.77 relates to transactions including those under which Ms Heng gained a benefit from the Company without prior disclosure of interests being made to the Board under section 191 of the Corporations Act, and without any necessary shareholder approvals under section 208 of the Corporations Act being sought or obtained in relation to such benefits.
The Company has made an ASX announcement on 31 October 2014 in relation to these matters, and has lodged a report of misconduct with the Australian Securities and Investments Commission.
The Company’s auditor has lodged a report the Australian Securities and Investments Commission under section 311 of the Corporations Act. (This is required where the auditor has reasonable grounds to suspect that circumstances amount to a contravention of the Corporations Act, and either the contravention is significant or the auditor believes the contravention will not be adequately dealt with by commenting on it in the auditor’s report or bringing it to the attention of the directors. "
LCY Price at posting:
1.2¢ Sentiment: Hold Disclosure: Held
