Morally they have done wrong. Legally I doubt anything will come of it. These sorts of going ons is rife in the small cap sector and highlights just how loose the rehulatory framework is. Directors and the board are free to control company resources in pretty much any way they please. Ranging from bogus expenses, dodgy loans to directors to buy shares, out of control director salaries/bonuses, under the table transfers and agreements.
The AXIS loan has always been in plain site & disclosed to the market. Gutnick is not dumb, knows the laws and fleets around them like a rat in the dead of the night. Unless ASIC discover something new doubt anything will come of it, other than slap on wrists.
However what I want to know is what the hell is going on from an operational standpoint. Shareholders left in the dark long enough!
MED Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
