I found a new legal loophole that ASIC is allowing the big boys to exploit:
Basiocally large funds who put their holdings in nominee accounts dont have to lodge substantial holder notices.
They can conveniently buy up to 20% of a company, or sell 20% of the equity in any public company without having to lodge any 'becoming a substantial holder', 'ceasing to be a substantial holder' or even 'change in substantial holding' notices.
This conveniently allows the 'bog boys'; the ones ASIC always looks out for; to trade in very high volumes, not only churning stock back and forth between technically 'independent legal entities' under the same umbrella, but to move very large blocks of stock in secret without stampeding the sheep.
Yet in a blatant disregard for the spirit of the law, they can still use their very big blocks of shares, up to 20% of a companies float, to BLOCK VOTE at agms and the like.
This clearly is not in the spirit of the law, yet is OVERLOOKED by ASIC because of the NATURE or the perpetrators. I know this for a FACT as I have lodged multiple complaints with ASIC, all ignored and replied to with the standard fob off letter.
ASIC REFUSES to discuss this with me and will only refer me to the corporations act!
What is the next step? I am at my wits end.
Will contacting my local MP help? I have a doubt as they dont understand the hugely complex system that has been set up in the financial sector in Australia to loot the general public.
