Smells very much like another Arrium to me. Korda Mentha billing over $1m a week in fees then reportedly received a $40M bonus at the end of assignment for giving the company away to an overseas buyer for less than value of inventories on hand.
Unfortunately ASIC have been complicit allowing KM to get away with this as KM have received dispensation from ASIC to provide any reports on the operations since they were appointed as VA's and absolutely nothing reported to shareholders at any stage, not even the sales price for the business.
Seems to me the regulatory system in Australia is totally controlled by the administrators and liquidators. Shareholders treated as non existent nuisance.
If interested check out how the big 4 positioned themselves at ordinary creditors expense. An absolute commercial disgrace seemingly all the while endorsed by ASIC?"
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