The problem is that there is only so much the ASX can do before...

The problem is that there is only so much the ASX can do before it becomes the realm of ASIC. Unfortunately for investors, ASIC have been shown time and time again to be less than useless, leaving it up to shareholders to take their own legal action at their own suspense.

This article sums things up well.

https://www.smh.com.au/business/com...asy-on-suspect-directors-20181116-p50ghv.html

Directors insurance doesn’t cover deliberate acts of dishonesty and this sure doesn’t look like a mistake or administrative oversight. So who do shareholders sue? A company with no money or a director with no assets?