ISXFEU Share Buyback, page-137

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LongNWrong

669 Posts.

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01/09/22

20:39

Post #: 63471629
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Originally posted by Rodeoshow: ↑

“Mr Taylor has been charged with five contraventions of the Corporations Act while Grant Thornton, as the authorised audit company, has also been charged with five contraventions, ASIC said.Grant Thornton was appointed as iSignthis’ statutory auditors for financial 2018. Mr Taylor was a director of Grant Thornton at the time, and ASIC alleges he was also responsible for the conduct of the audit. ASIC said the maximum penalty for each offence at the relative time was $10,500 for individuals and $52,500 for body corporates. The matter is being prosecuted by the Commonwealth Director of Public Prosecutions.”

Easy on the chartwheels pal they have to win first and the charges are denied....you don’t even know what the charges are firstly (could be any part of the audit). Are they challenging the performance shares being issued? They aren’t in the ISX court case.

Gee they look like powerful charges BTW. Am I reading this right, Brad could be up for a whopping 5 x 10,000 = $50,000 fine and Grant Thornton 5 x $52,000 = $250,000 fine. If that’s true I’ll try not to laugh.

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Reposting as someone thought my post was unsubstantiated:

We can downplay the size of the fine but this is only the 3rd time ASIC has bought criminal charges on these grounds*. I wouldn't be underestimating the significance.ISX,

Big Un and Halifax Investment Services not the best company to be in.

*As for source it's there in the ASIC media release: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-240mr-grant-thornton-and-auditor-charged-over-2018-audit-of-isignthis/

SP1 Price at posting: $1.07 Sentiment: Sell Disclosure: Not Held
7 Upvote

2 Great analysis

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