Every thing you have described, what public listed companies doen't do the same?
If its criminal for Forge is not criminal for BHP? Or is it OK for BHP because they are there and making money? Do you not think that paying a fare well gift of $48 million to GM who was a complete failure at BHP not criminal? He was "Entitled" to it right?
There is need of a serious debate on use of share holders money by public companies. Look at any set of public accounts. How many pages of these accounts are devoted to Directors salaries compared to actually discussing figures.
If you are really serious about governance, i suggest that you contact your member of parliament. We are about to have a royal commission in "trade unions" because "of the use of their members' money." I suggest that you tell them to widen the scope to include Public Companies, and professional unions such as The institute of Chartered Accountants and Institute of Company Directors. But what are the chances of that?
Forge is gone, the administrator will get fatter and the bank will get their money. You on the other hand will be lucky to get a letter within 5 years stating that you can claim your tax losses.
Don't get me wrong, I feel very much for the little Forge holders. But as far as I can see the system is broken, ASX and ASIC are jokes.
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Not Held
