Good post and good question Hawca. Il will try and answer you et all in the best way I can;
ASIC has an obligations to protect shareholders/investors, rest assured of that. That is part of their job What is the use of them been there and the taxpayer's paying for their big salaries and excesses if there wasn't a reason for them to be there. IMHO they are in there with the big sledgehammer in their hands, but they keep it well shut and under lock, in the office cupboards where it will do no damages to anyone.
Unfortunately though, when there is no money in it for them to at least recover their costs if they will chase some naughty companies, they tend to let it go through to the keeper. Sad but true.
Look at what happened with CVI where many shareholders ended up loosing everything for God's sake. Some of them lost their houses, other lost their spouses and families as a result of it all, while others have been forced to move in the poor house. In the meantime, just look at what happened to the Directors which caused that huge drama and unfairness to the poor investors. YES.............YOU'VE GUESSED IT............ZILCH...ZERO...NOTHING....
Most importantly though.....some of these types of Directors simply walk away from one disaster to another similar job like nothing has happened. Will some of these people ever get barred for life from holding another Board seat position.??? Dream again mate....................Pigs will fly first.
If you remember clearly, some time ago something was released to warn us that even if there was ever a case against them, there were no money there to be paid out and that the insurance wouldn't be paying sufficient money out to rectify the damage done.
The sad part about it all for the shareholders though, and the most unfair things which usually happens in these cases, is that the Directors (which in more times than not are the ones which made the decisions leading to these predicaments...."THE BROWN MUD"), are treated as company employees and will get all of their entitlements in full first and foremost, while the poor shareholders will walk away with the tail between their legs SORE AND SORRY.
Is that ethical in your opinion.??????
Not it is not...............not in my vocabulary anyway.
In closing, I agree with you as to why a company with a share price of about $2 per share can be on top of the World one day, and down the gurgler and into the scrap heap the next with having ASIC looking at it deeply to find out how it happened.
But..........will they.??
Has anyone which spent the time to write to them in this regard ever got a positive reply from them.???
Regards
PLV Price at posting:
1.2¢ Sentiment: None Disclosure: Held
