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IN MY OPINION:

1. Kemp Strang and in particular Steve Williams should be given the opportunity of removing any doubt about their conduct, by demonstrating that at all times they acted in TZ's best interests, without conflicts of interest, particularly whilst their fees were being paid by TZ. They should also be asked to disclose if they received any preferential payments from TZ during its period of apparent insolvent trading, ie the period of many months where TZ was failing to pay its other trade creditors. Ditto Ungaretti & Harris LLP in the US.

2. TZ's auditors Taylor & Co sould be asked to explain how the anomalies in TZ's accounts sit well with their having done their job diligently and honestly.

3. All companies associated with the ex TZ directors should be investigated with respect to fee payments & TZ share placements - including ZMS Investment P/L, BZI P/L, Merrill Lynch (Australia) Nominees P/L, Morwellham Investments P/L, BES Investments P/L, Mooncorp, Dunbar Associates, Carbone Falconer & Co, JFT Nominees P/L, National Nominees Ltd, Kingsgate Consolodated Ltd, Profit Pearl, M&S Otten Holdings Pty Ltd, No Compromises Pty Ltd - and of course everyone who has chosen to be a part of the Gallagher Group.

I believe that ASIC has quite a large team working on the TZ case, and I'm sure it contains senior, competent people who will have this in hand.