hi
@foocaFWIW as I'm not sure I can add more as we have no support form the Australian Governing Regulator on matters like these to open up the bowels of the financial transactions.
I noticed ASIC is hiring for all sorts of analytical and regulatory/litigation types of people but for $83k p.a. plus Super - there's no wonder events like the last years of WFE are rife and unfettered.
When I have a disagreement with a supplier or customer my opening stance is to settle what the other party believes to be the correct figure and we'll argue about proving the rest.. "Send me a cheque for what you think it is and we'll go from there" kind of talk.. Its a simple stance, but effective. If our BOD have not taken the first step by securing as much of the delinquent debt as they can, they haven't tried.
I would really like to hone in on the language (but still can't detract away from the likes of JB being an illiterate car salesman) and specifically the word 'trust' is not capitalised. To me it is intentional and confirmation that there is no formal Trust therefore no legal responsibility. They have opportunistically thrown the word into the Accounts to satisfy any outsider looking in but I'm afraid the words mean nothing. We'd therefore have to rely on emails and promises made therein to see what money is legitimately refundable. (Our) DRC Lawyers may have been consulted over the years on a variety of matters and have legal claim over the funds. Who knows. There's more than enough
You are 100% correct in reading the wording of transferring $714,145 to our own bank account. If that did not take place or the funds cannot be returned immediately, then I suspect a fraud has been committed. Maybe stronger words than most are prepared to put on a public forum but hey let's see what transpires. It is the role of a "30 year veteran" Co-Sec to ensure the correct signatories are in place over company bank accounts. If there is an issue that indeed there is no current BOD member able to sign the transfer, then we're in deep doo-doo. If it is not in fact a company bank account, well, there's that F word again..
As for the June 2018 reports released so late - well, I'm happy to say I believe that's also in the above category of suspected fraudulent behaviour. NO legitimate company goes that long ignoring the authorities. They had enough information to submit BAS returns to the Aust Tax Office - and receive GST refunds (also highly suspicious to me) and weren't able to submit financial accounts? The info is the same!!! I know the ATO is a more aggressive beast if you fall behind on lodgements, so they've kept one wolf from the door - I just wonder why the actual industry regulator does not have the same investigative powers as them...
If I was running ASIC, I'd shut down anyone that didn't lodge "anything" one month after it was due. To wait 2 years and then "nothing to see, just write it all off" is the biggest BS here, and the fact it repeats with the same people!!! Due dates are not some "big secret" that creep up on companies - it's required learning for any Director and surely any "30 year veteran" CoSec would keep the BOD informed and on-task. Sadly not the case here.
When WFE was Public, there's some info that we the owners are not party to, even though we carry 100% of the risk. As a Private entity that transparency is much clearer and any individual shareholder/owner can demand answers. I'm reluctant to bother as I only had $2k in the company. If it wasn't for you asking for an opinion, I definitely wouldn't respond. You along with a few others have many pieces of a pie with many past behaviours that any ASIC employee would be able to use to peek behind the veil.
I'm not sure this is exactly what you had in mind of a response but I'm happy to keep calling out the HHC.
Cheers,
TC.
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