Hi Jim,
I lost money on SGH, though not a significant amount, however I certainly empathize with those who lost big. However pragmatically if you're serious about making sure the book is thrown at those responsible (rather than just lodging a complaint), there's a few questions I would be asking. Forgive me if these have been asked and answered before as I'm somewhat out of the loop on SGH and have done no research on this.
1. Would the consequences of an ASIC investigation impact SGH the entity or those responsible for the fiasco? (Grech Skippen et al.)
2. What would those consequences be? (Jail time? a slap on the wrist?)
3. When you say they failed to meet continuous disclosure requirements, in what specific ways did they fail to meet them? Would you be able to evidence this to ASIC?
4. What counter arguments would you suspect Grech and co would have to answers for point 3?
5. Did they breach any other regulations / requirements?
6. Is this already on ASIC's radar?
7.. Any other regulators whose compliance requirements they may have breached?
8. are there any organized groups of shareholders looking into legal ways in which those responsible can be held to account (excluding the various class actions)
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Ann: Market Update CEO Announcement and General Law Review, page-93
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