what the f.........???, page-19

re: litigation with cba Keep in mind though

IAS new the guy was a bank manager

IAS at the time themselves descrided the guy as a mug punter who lost far more often than he won.

IAS had one on one contact with the guy as a "valued client"

During the 3 years or so the guy was betting with IAS he deposited over that time $17mil but took out one withdrawal of something like 10 grand.


So IAS had personal contact with a guy they knew was a bank manager, who by their own admission was a mug punter that lost $17mil and his occupation would have clearly indicated he would be unlikely to have this sort of money but would be in the position to steel it.

No doubt IAS would also mount a good defence but would not touch the shares until this is resolved one way or another

This would also appear to be the general market view and explain why the current market cap is below cash reserves