If nothing else, can ASIC not act purely based on the irresponsibility of management to lend away $5 million and put the company in such a precarious cashflow position?
Cosmoh
It is completely legal to be incompetent. Shareholders have the right under Australian Corporation law to remove office holders within a company for incompetence if they can get the votes.
LOL
In this case of course, it is also not deemed illegal to loan $5M to a Belize company in order to "buy" enough shares to ensure that the office holders keep their jobs!
;-)
Circular malfeasance!
$139000 in the bank, page-30
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