This seems quite simple really. What can the ASX or ASIC do? They money is up there, the assets are up there. Does the Chinese govt give a care, no. Someone just pays off a local official and you are home free. The ASX truly cannot list another foreign company unless the money is left in Australia. Period. And they need to lobby the Chinese govt to require all companies to transfer the cash balances into Australian based-bank accounts. It will still all be spent in China- aside from Dividends- but, oh forget it. ASX are too busy doing nothing else, and ASIC don't have the manpower or jurisdiction to do anything anyway
If I were a director of a Chinese company I would be out tomorrow yesterday. You know as sure as the sun rises tomorrow that it will end with a corp governance "you're telling me what?" moment. I am really struggling here, have I ever met a mainland Chinese business person who either did not rob me or does not intend to eventually rob me?
TTC Price at posting:
5.8¢ Sentiment: None Disclosure: Not Held
