how did $50mil shareholder money disappear, page-16

You know what's the saddest thing?

This was the 'close off' from Paul Barry in 1990.....

PAUL BARRY: Last week, the National Companies and Securities Commission raided IRL's offices in three States. It's a shame they did not do it two years ago, for it's now too late to get the money back. It is not too late, however, to clean up the mess that is corporate Australia, but it will need money and political will, and some vision. It is not too late, but if we don't act now, it will be.

IF some significant changes had been made, and let's remember that was 20 years ago perhaps we wouldn't be revisiting the exact same situation now, with some of the same players (Smyth and Johnson were both involved back then too)
So again, ASIC have been too late to save our money - perhaps not too late to charge the perpetrators, but certainly too late to save the ruined lives from the corporate mess that was permitted to trade and carry on business for more than 12 months after serious questions had been asked of ASIC.