fraud?, page-9

"Yup, its slightly embarrassing for board and management being such poor judges of character"

What I find embarrassing is the slew of armchair experts who have little understanding of what actually took place passing judgement on POHs board. Esra as CSO and then Joint CEO had impeccable credentials for these posts and won the respect of her industry peers, the investment community and her board and staff. Just about everyone on Hot Copper sung her praises and idolised her. The character flaw that lead her to defraud POH was at no time evident until the companys own internal system discovered her scam. To suggest that POH should have forseen such an event or uncovered it earlier is completely naiive. Yes this episode is embarrassing for POHs Board as it happened on their watch but it has zero to do with their judgement of character and everthing to do with being conned by a duplicitous crook. The Chair and various board members should stepdown to appease shareholders- but not for any percieved poor govenance. No internal system for a company of this size with just a part-time CFO would imho picked this up any earlier. The co accounts were audtited with no irregularities detected. Only the arrival of a full time CFO earlier this year who had the time and forensic skills (and balls) to take on her CEO cooked Esra's goose.

going forward Esras assets will be liquidated ( as will those of her accomplices) and funds returned to POH. Esra will be charged at some future point and she will no doubt be convicted and punished with jail time a likely outcome.

Meanwhile the search for a new CEO will take time. When the right person is found and announced Harry can return to NY- until this eventuates its business as usual and we are in safe hands. Commentary to the contrary is popularist nonesence.