IOU 249D, page-67

Couple of interesting points
Aarons statement speaks of 11 million in business loans that are potentially bad - I wasn't aware of any currently running business facility and one would think business finance would feature in announcements, especially considering volume.. (typical awesome IOU comms).

Affidavit also breaks down spending of the placement, to whit, the loaned capital was 14 million, but month to month the average to consumers was maybe 4-5 million max.

Consider a moment that the current consumer book is roughly 3 million, but the "bad loans" total 11 million.
So, does this imply that 100% of the business loans are dodgy?
Hmm.. our ex-CFO was sourcing and approving business loans for us and some of them were suuuuper questionable... guess what his KPI was? Volume, not whether they got paid.
Big hmmmmm

Regarding Aspire - Ken's wifes company - IOU did employ them, I knew I'd seen the name before.


Also had a thought re: Aarons loan from Dunlop (Mum had cancer and needed 900k? Lol ok). Loan occurred well before Dunlop considered a bad seed, but today it does cast suspicion on Aaron. If Ken and Dunlop are very close, which is likely as Ken's sister is apparently also a director of Piminik- it's a very convenient way to have leverage over Aaron, isn't it? If Aaron produces 900k of receipts from a hospital well, might lend him some credibility.

IF Ken's sister is in fact a director of Piminik, must wonder why Ken would try to use Dunlops bad reputation to smear Aaron.

And from the other side
Regarding Crowe - Mattocks statement is that Crowe Aus does not do forensic accounting (true, as far as I can tell), but Aarons statement is that Jimmy Ung from Crowe MY was engaged.

https://www.crowe.com/my/-/media/crowe/firms/asia-pacific/my/crowemy/about-us/jimmy-ung.pdf?rev=54b73cd2cbf74eed8427393bce32e278&hash=17289859C24FF804D69D84343C85A1B1



Gotta question then why this statement was made, seems a bit of a dirty tactic IMO.

Finally this is a big lol (page 235 of Aarons affidavit details the potentially bad loans)


I read this as Ken faking a loan in Liew Jwo's name. Probs had access to his signature and his personal details.. and the funds transferred to TP... dear me!

I know @kevin103 disagrees but I can see fairly clearly how Ken and his buddies could have sucked all of the funds out of the company - B2B loans make a lot of sense. Directors are not credit assessors and just assume the CFO and associated underlings are doing their due diligence.
"Ken has Teppanyaki paid" "yes was transferred to TP".

It's not reallllly a loss of director due diligence to not physically look at the money. Why would the CFO lie? I'm a bit less dark on them after reading this.

Next very big question for Ben though- why was not the very large volume of B2B loans ever reported on ASX communications?