wab now has a working phone, page-3

Well the CEO called me. He didn't reveal very much.

Things he did reveal:

the investment in the HAL two-bit third-hand computer rental operation goes way back to 2005 ( although the directors still claim they know nothing about it ).

After the Board found out, in July 2008, that about 80% of the company's money was directly lent or invested in HAL, what did they do ?? They lent them ANOTHER 1.1 MILLION - thats about 15% of the company's remaining money. This was an amazingly reckless thing to do. This is mentioned in the HY report published late friday.

Directors of WAB are still lame enough to claim that the CEO lending 40% of the company's money to himself was an INADVERTENT breach of ASX listing rules. Yeah right ! Its called STEALING.

ASX reckons belated disclosure of the THEFT is all that is required to rectify the breach.