I don't think the naive approach of some is because they don't understand the business and want to learn - it could be they are paid to keep a certain line going. I mean just google isx and something negative comes up in HC. this impact on reputation is just another angle of attack.
I don't think the big 4 and all their wrongdoings has ever received such penalties. investigations or bad press. are they behind the strings? think of the advertising income smh and afr receive from their mates. media has always had a lot of political power. maybe the big 4 didn't like another player in a market that has the functionality which could flag them as holders of companies or people conducting illegal activities. did they ask for a bit of a favour from asx and the media after initially getting some traction from media. did asx action investigations because of hearsay (initially suspended for share volatility if I remember correctly) - asic stopped investigations ages ago.
all this did stop the adi (bank status) from getting finalised in Australia- even with rba, and other regulators agreeing it's good, one box tick away from share price going to the sky. another fin tec company opened last year and I think they took a billion dollars worth of deposits very quickly and they didn't have the same technology advantages (and they weren't Australian from memory, so profits go offshore). the reputation damage of this will impact growth for years if not much further into future; even if a positive outcome eventuates.
maybe the compliance costs to the big 4 is looking very costly or some of their account holders are not exactly above board. all guesses and opinions until some type of audit (something like the westpac one finding lots of illegal transactions) find the issues
some dude here on HC trying to say off market transfers are possible now - is talking absolute rubbish from the phone conversations I had with link and my broker, it cannot be done. but it's a waste of time trying to say that as they are more interested in something distant from truth. but it would have come up in an internet search that someone is trying to sell isx shares for 30cents, which was more the goal I believe.
i feel this is part of a multi prong attack on isx. that's my concern - will there be enough grey in court to agree that asx is acting legally, morally and within their constraints. it wouldn't surprise me one way or the other.
if asx loose I'll be signing up for part of the class action - the stress has been horrible.
ISX Price at posting:
$1.07 Sentiment: None Disclosure: Held
