Incompetent maybe but not necessarily dishonest...
Problem is this isn't an isolated case on the ASX. Junior miners are one thing - always high risk, but there have been more than a few big companies playing games with accounting rules that have collapsed with a beautiful set of books. holding values of stock/Undisclosed loans/ loan covenants/ etc..
The accounting rules need a rewrite to be very simple so that less of this BS goes on.
How many companies are really making a profit on the ASX?
BIG Price at posting:
$2.22 Sentiment: None Disclosure: Not Held