morally bankrupt???

MAC

I brought up the very same Question in another email to the ASX this morning Escrow shares???? I post full email below.

____________________________________________________________Dear Ms Hewitt



Thank you for your very quick intervention in response to my email yesterday. Unfortunately a lot of people have lost a lot of money through trading this stock on Friday & Monday.

One of two scenarios is possible:
A. If Mr Landau and Mr Mphahlele knew that Genorah had defaulted on their loan, surely this is a gross breach or duty, and possibly a criminal act, if so proven by ASIC? Did they know that the lender was dumping shares onto the exchange, shares which were held as security for the loan, without calling for a trading halt? And does it not seem incredible that they did not know? Furthermore, were any of the shares that were traded, shares that should have been, and were required to be held, in escrow? The ASX needs to refer my questions to ASIC to see if any breach of Corporation Law has occurred, and I request that you do so.
B. The other scenario is that the two Directors in question are incredibly stupidly, naïve and incompetent. In this case, apart from being unfit to be Directors of an ASX Company, they are ignorant of a Director’s duty of care to their shareholders and indeed to ASX listing rules. Presumably, if this is the case, the ASX will give them a wrap over the knuckles, but unfortunately they will then be free to go on their merry way!

The ASX is not without blame in this sorry saga. The practice of speed trading, algorithmic trading, or robotic trading is, I believe, unconstitutional, unfair, and possibly illegal without ASIC approval. I believe that in following this practice the ASX is complicit in insider trading. I ask that the practice be suspended immediately, subject to your own or ASIC corporate morals/ethics committee reviewing the issue. The amount of manipulation through robotic trading that occurred on Friday and Monday was disgusting. I believe the ASX is morally bankrupt whilst they allow this to continue.

Ms Hewitt, I ask that you keep a very close eye on this Company, particularly as there are court cases currently in progress on lower farms that the company has not reported to shareholders. I further ask that this email is passed on to ASX’s CEO and chairman, as well as to ASIC, as requested above.

Yours faithfully



Brian Thompson
B & J Thompson Holdings Pty Ltd