Sadly I adopt a different view.If there has been wrongdoing the culprits should be harassed to the end of the earth, and brought to justice. That is part of the risk we take in the market and it will, in the long term, be better for all if there are a few examples made.
Also, it is not ASX or ASIC who are responsible for shareholder's (and other stakeholder's) well being - that is the boards responsibility individually and collectively. The buck stops there.
That said, I am not of the opinion that the board's actions constitute wrongdoing, maybe just a bit imaginative, and even if not at arms length then not of a nature which is detrimental to holders. In fact I think the acquisitions are very worthwhile.
So I also hope we come out of suspension soon, time will tell. The worst outcome is delisting.