can investors trust asic? m west - amazing, page-4

Can investors trust ASIC? / Michael West / The Age - Business Day.


"Following the story last week in BusinessDay about Compass Resources, the regulator has agreed that there has been a failure of proper financial reporting. Unlike Compass's administrators Ferrier Hodgson though, who blamed ASIC for this failure, ASIC has blamed Ferrier Hodgson."

Read More:
http://www.theage.com.au/business/can-investors-trust-asic-20111108-1n4wv.html


Yes its vindication of what we have been screaming about and campaigning against for almost three years now. But they were cries for help in a regulatory wilderness where regulators collude with administrators who collude with dodgy directors, where politicians turn a blind eye and where the battler is cheated yet again by "creative accounting and legal practises" condoned by the establishment and who, ultimately, ends up paying the price once again.


P.S. After finally yielding to the YA Global DOCA proposal on the 18th August 2011 (which massively diluted shareholder value) we are still waiting for the new shares to be issued to YA Global and Coffee House (Gordon Toll) which was the precursor to seeking relisting on the ASX. These shares were supposed to be issues on or before 18th September 2011.

More exemptions, concessions, favours for the big end of town ???


Friends of Compass Resources is still in the background keeping an eye on things and ready to assist where possible to protect shareholder interests. Drop us a line/email on our Web Site Michael if you require any additional information.




http://friendsofcompassresources.com