Fake News MMGA, page-8

It's not what I would call "fake news", however "old news".  The loan has been classified as such since 2012.  If Gutnick and Co wanted to hide it plenty of accounting tricks to do so and expense it in each year.  But no this loan and associated disclosures have been in every annual report since loan conception.  I am not saying it is pleasing to see shareholders funds loaned in this way with such poor controls, however it is certainly not unlawful.

How many companies loan directors money to buy shares, waste significant amounts on company travel/entertainment and bogus expenses through payroll, all out of sight??

I agree I think Gutnick is well familiar with the "laws" and any ASIC inquiry will be yet another toothless attempt.  After all Gutnick says in the Age article he has had ASIC look at transactions for 20 years, and what has been the result.... slap on wrist... nothing more.

Now the typical media sensationalise it and bring out old wood employees from years ago and bogus contractor claims who have only ever been at the site for 2-3 months.

While non holders and those who delight watching in schadenfreude are licking their lips at the sight of blood, Gutnick could actually use this opportunity to outline a new phase of production and create confidence with a new board and tighter corporate governance.  The diamonds are there, the equipment is there, we just need execution and the company needs to be run for shareholders not a private Gutnick family pawn.