Ann: Notice of General Meeting/Proxy Form, page-113

I disagree with that.

ASIC are focussing on his actions, but this is also judged in conjunction with the outcome. You say that ASIC are 100% focusing on his actions, not the outcomes...

Para 69 deals with director thought processes and background
Para 70 and 71 deals with the action being taken
Para 72 deals with the outcomes - specifically that it resulted in Karantzis gaining and advantage for himself and others (hitting the milestones and receiving performance shares), and "was not in the best interests of, and caused detriment to, iSignthis and its shareholders" (that's the dilution through the performance shares).

To argue that ASIC have no interests in the outcomes is not accurate.

I don't disagree that ASIC may well allow the demerger to go ahead. If they don't have legal avenue to stop it, then they'll let it go. I don't think that cancellation of the shares looks like something ASIC is chasing.

Punishments after the demerger is much more murky. The punishment is likely to include his disqualification as a director, so that's the easy part - he'd be removed from the Australian company. After that, monetary punishments would be much more difficult. He's famously moved his house out of his name. Now he's doing his best to get 95% of his shareholdings overseas. He's also doing his darndest to get himself overseas. After that, the courts can try to fine him 3 times the benefit (possible, but not guaranteed), and he can turn around and say no. He'd have practically no assets left in the country.